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Chart Advisor: Finding Interesting Global Opportunities

Chart Advisor: Finding Interesting Global Opportunities

Posted March 22, 2024

By Manuel Tellechea, CMT

1/ Argentina

2/ YPF S.A

3/ Interest Rate Cut

4/ And Still…

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1/ Argentina

The Argentine market continues to offer interesting opportunities, both individually and collectively. It has been on the rise since mid-2022.

The positive momentum following the election of the new president has been sustained and looks set to continue, at least in the short-median term.

ARGT, an ETF that offers exposure to the Argentine stock market, set a new all-time high during today’s session.

After breaking the huge multi-year base, the price has grown by just over 50%.

2/ YPF S.A.

Argentina’s YPF SA, a company engaged in the exploration, production and distribution of oil and gas, has reached a new 52-week high. The price has reached levels it has not seen since 2019 and accumulated already, just over +600%, after bouncing off the 2020 lows.

3/ Interest Rate Cut

The Swiss franc fell sharply against the euro and sank to its weakest since July 2023 after the SNB unexpectedly cut rates.

The Swiss National Bank cut its main interest rate by 25 basis points to 1.50%, becoming the first major central bank to reduce the tightening of its monetary policy to tackle inflation. This is the Swiss central bank’s first rate cut in nine years. Most analysts polled by Reuters had expected the SNB to maintain rates.

4/ And Still…

The appetite for risk in the market continues to gain strength.

The rotation between sectors continues and it maintains the bullish rally in the markets. Although some analysts continue to wait for a downturn, the truth is that investors’ appetite for risk is growing, and the defensive sectors won’t be the ones to benefit the most from this.

The rate of the trends in the graph show no signs of deterioration, but when they do, we can begin to take a more defensive posture. In the meantime, it’s time to go on the offensive.


Originally posted on March 22 2024

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