Dear Reader,
US stocks(DJIA, S&P 500, Nasdaq) keep making new record highs. Personally, I think there will be a large correction(10-15%), but "you have to dance, until the music stops", so for now, I think US stocks are going up.
As John Maynard Keynes adequately put it: "the market can remain longer irrational, than you can remain solvent".
Eurozone bonds is another madness. Negative yields in Spain, Italy, come on... The yield on the 10 year German bunds is at -0.10%. But "you have to dance, until the music stops", so I do not expect a large jump in yields in the eurozone soon, as long as the European Central Bank (ECB) does not announce any tapering of the bond purchases.
Russian stocks, Gazprom in particular, are trading at ridiculuous levels. I believe oil could go easily to 60 USD in 2016. Russian stocks are grossly undervalued.
Gold is an interesting case. If the Federal reserve hikes even once in 2016, I think it could fall 10%-15%. Until the hike, however, which will most likely be in December 2016, gold should continue to go up.
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Kind regards,
Petar Posledovich
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