JP MORGAN STRATEGY UPDATE
5 July 2009 by Cullen Roche
3 Comments
Good macro thoughts here from JP Morgan:
Source: JP Morgan Research
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Comments
Prag, do you like the recovery trade?
I still like deflation trades:
Currencies:
Short: Pound and sterling versus US dollar
Debt:
Long:
10 year German Government bonds and US Treasuries
(Short corporate credit if spreads tighten further)
Commodities:
Long: Silver
Short:
Copper and oil
Equities:
Short:
S&P 500
I do not believe the reflation trade at all. I am with you on just about all of those trades. I like Yen here as well.
TPC, as a fellow yen watcher, I’m not sure how you can get comfortable in the low 95s my friend. I’d wait for it to hit low 94s and then take the opposite way. imho.