By Benjamin J. Butler
Climbing the Wall of Worry
10 years ago, few people in finance would have forecast some of the events transpiring today: a referendum for Scottish independence (with the "yes" vote in the lead in one poll), de facto war in Europe again (NATO vs. Russia), the Bank of Japan doing a massive U-turn and resorting to such large QE that sovereign yields have turned negative, the remilitarization of Japan and tensions in Asia rising, and now the BRICS countries starting to opt out of the petrodollar, such as the news this week that China and Russia will develop their own SWIFT system (used by banks worldwide to send financial data securely).
The list goes on and on. Yet, markets have yet to break down technically in any way. As I stated last week, a value investor might well have exited many of his US equity positions by now, but the ... Log in or subscribe to continue reading.