Tactical Outlook: Bullish China, Software & Bitcoin; Commodities Downgraded to Neutral

Weekly Macro Themes Report (preview) - China, Commodities, Software, Bitcoin

Here's the topics & takeaways from my latest Weekly Macro Themes report:

1. China: remain bullish Chinese stocks given cheap/reasonable valuations, improving technicals, nascent cyclical upturn, and tentative turning point in the property market downturn.

2. Commodities: switch back to neutral from previous bullish given technical risk flags, valuations becoming slightly expensive, and shifts in sentiment/flows/positioning.

3. Software: bullish software sector given big reset in absolute and relative valuations, excess pessimism, and very promising technicals (with clearly defined risk triggers).

4. Bitcoin: bullish bitcoin (vs US$) given compelling bullish technicals, reset in sentiment/positioning, bullish macro indicators, positive seasonality, and potential precious metal rotation.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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