In his latest note, BTIG’s Dan Greenhaus declares: “Risk off indicators are mounting.”
He argues that there are reasons to be “sceptical” about markets are current levels.
Some specific points:
- Overseas markets are breaking down.
- Germany and France are now down three of the last four weeks.
- The aussie dollar, a great barometer of economic health is sliding.
- The US data is weakening, though is not definitive.
Says Greenhaus: Key levels to watch are 1370 and 1311 on the S&P