Market Summary and Technical
· Euro continues downtrend on larger than expected QE purchases
· US equities remain in a narrow range
o Some improvement in market internals, with intermediate trends turning neutral
· Gold reaches $1,300 level!
Readings and Trends
· QE in Europe begins
o pace of €60bn a month from March until at least September 2016, higher than the €50bn a month expected
· Long term bonds rise as inflation expectations get lower (FT)
o rally in government bonds has pushed the yield on the 30-year US government bond to its lowest on record at 2.35 per cent last week
· Fight against ISIS – funding difficulties with low oil prices (FT)
Investment Implications and Opportunities
· How does the world get away from QE and low rate addiction?
· Hold some gold – it looks relatively better compared to fiat currency which continue their perpetual loss of value