Sumup in a picture

This is a perfect graph for a sum up. You can see clearly here where the money was allocated this past week. These moves are what we try to watch constantly to identify market direction at all times.

Appetite for risk is clear in this chart:

• small caps and emerging markets are above Nasdaq and SP500
• emerging market bonds and junk bonds are above investment grade bonds as we were observing on a regular basis.
• Commodities are still away from investors interest.
• USD has been hammered propelling strength on stocks.