July 27, 2015 - Stocks sold off last week as investors expressed disappointment with several bellwether earnings reports, mixed U.S. economic data, and weak Chinese manufacturing data. The global macroeconomic environment is characterized by weak growth and deflationary pressures. There is also a major divergence in monetary policy with the U.S. Fed about to raise rates while the rest of the world pursues easier policy. We anticipate further dollar strength and additional weakness in emerging markets and commodities. We would stick with the sectors that have demonstrated some pricing power. These include our Overweighs - Health Care, Consumer Discretionary and Financials. Click here for the full Weekly Bulletin
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