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Client Talking Points

US DOLLAR

Janet Yellen opened the door for “un-tapering” yesterday. Great. No surprise... the slow-growth commodity inflation rip-trade? It loved that. Utilities and Gold are leading the V-bottom S&P 500 parade as the US Dollar remains bearish TREND versus both the Euro and Yen now. 

POUND

Got Pounds? The Bank of England's Mark Carney is definitely not Janet Yellen. The BOE doesn't have to do the whole lingo thing about “taper” or un-taper in the UK; they just need to talk about rates and currency higher, which perpetuates purchasing power, consumption growth, etc. At $1.65 versus the USD, this remains our favorite major currency.

#InflationAccelerating

continued yesterday w/ the CRB Index and Gold moving to +3.6% and +7.2% YTD (vs SPX and Russell2000 -1.6% and -4.4%); while I was dead wrong being net short the US stock market yesterday, that doesn’t mean I capitulate on what I think is our most outside of consensus theme

Asset Allocation

CASH 49% US EQUITIES 0%
INTL EQUITIES 6% COMMODITIES 15%
FIXED INCOME 15% INTL CURRENCIES 15%

Three for the Road

TWEET OF THE DAY

The Fed's Bullard must be smoking something in CO w/ this 3% US GDP call for 2014 @KeithMcCullough

QUOTE OF THE DAY

"It is the trouble that never comes that causes the loss of sleep."

-Charles Austin Bates

STAT OF THE DAY

It's estimated that at any given time, 7% of the world's population is drunk.