13 · 13 // overview equities 3 chart 2 chart 3 chart 4 strong uptrend channel remains intact and...

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OVERVIEW EQUITIES 3

Chart 2

Chart 3 Chart 4

Strong uptrend channel remains intact and TEMA is bullish. Volatility

is low, No weekly exhaustion signals generated on Volstall.

Upside momentum is waning. Volstall exhaustion signal in place as index

tests recent highs. Divergence in place on the Fisher Transform.

Long term uptrend still in effect and TEMA remains bullish. No signs of

exhaustion present on weekly timeframe. Like S&P the Eurostoxx is consolidating around previous high. Bearish

divergence on Fisher and negative Volstall signal suggest near term

exhaustion.

1. Blue/red signals from Volstall indicator 2. Painted bars from triple moving average crossover 3. Lower panel is Fisher Transform with Squeeze

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OVERVIEW FIXED INCOME 4

Chart 1 Chart 2

Chart 3 Chart 4

Currently testing long term uptrend support. Volstall signal and

bullish divergence on the Fisher suggests support will hold but

move higher is likely to be counter trend.

Strong move higher in past few weeks has broken near term downtrend.

Recent highs around 127 level could act as resistance. Break above

these levels would open up a target of 130. Fisher at extreme levels.

TEMA is negative as price trend has shifted to down. No exhaustion

signals present yet on weekly chart.

Bounce of bottom of price channel coincided with a Volstall signal.

TEMA has also turned positive. Downtrend channel likely to provide

resistance. Extreme Fisher reading above 3. 1. Blue/red signals from Volstall indicator 2. Painted bars from triple moving average crossover 3. Lower panel is Fisher Transform with Squeeze

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OVERVIEW FX 5

Chart 1 Chart 2

Chart 3 Chart 4

Trend remains up however Euro is now testing horizontal resistance.

Volstall signal suggests it may be losing momentum. Volstall exhaustion signal coupled with bearish divergence on the

Fisher suggest that the Euro could struggle to break out of the range.

Sterling is testing its long term downtrend resistance. TEMA is bullish

and no signs of exhaustion yet. May test key resistance at 1.64 level.

Fisher reading of 3 is a new 12 month high.

Sterling continues to drive sharply higher. Daily Volstall exhaustion signal

is present. Rally potentially losing steam. One more surge higher to test

52 week high of 1.6381 is possible. Divergence from extreme on Fisher.


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OVERVIEW COMMODITIES 6

Chart 1 Chart 2

Chart 3 Chart 4

Pulling back from strong breakout back above the key psychological

$100 level. TEMA no longer bullish. Wait to see if $100 level acts as

support.

Volstall exhaustion signals and strong bearish divergence on Fisher

accompanied the recent high. TEMA trend signal is now negative.

Currently testing near term uptrend support.

Key $300 support level held once more. Copper now grinding higher

and TEMA has turned bullish however move higher still looks counter

trend.

Copper trying to grind higher but failed at near term resistance c.$340

which was marked with a Volstall signal. Potentially trying to form a base

but yet to show strong upside momentum. Range is $300-$340.


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OVERVIEW PRECIOUS METALS 7

Chart 1 Chart 2

Chart 3 Chart 4

Gold managed to bounce sharply from test of $1200 level. Long term

downtrend still in effect. TEMA is negative once more.

Recent ascending channel has been broken to the downside and

TEMA is negative once more. Potential right shoulder of inverse head

and shoulder forming but retest of lows not out of the question.

Near term downtrend broken but longer term downtrend resistance yet

to be tested. Bounce higher from lows appears to have run out of

steam. TEMA has turned negative once more. Retest of lows possible.

Near term downtrend channel has been broken. Clear Volstall

exhaustion signals suggest counter trend move higher may have ended.

TEMA is negative once more. Previous downtrend may provide support.


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OVERVIEW VOLATILITY 8

Chart 1 Chart 2

Chart 3 Chart 4

FX implied volatility reversed its 2nd quarter rise and reverted beyond

the mean to the -3 SD band. Realized volatility (like in rates) is trending

lower.

U.S. Treasury implied volatility spiked higher for the second quarter in a

row as rates are searching for a bottom. The Q3 spike, however, did not

breach the +2 SD band and made a lower high.

U.S. equity implied volatility made a seasonal summer low below 12 in

August before quickly reverting to the +2 SD band. The bands are

tightening as the last spike was well below the 2nd quarter highs.

Take the Syria spike out and it was a quiet quarter for the implied

volatility of options on the United States Oil Fund ETF. That spike (and

the price of oil) quickly reverted back inside a tight range.

4. Volatility bands

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OVERVIEW VOLATILITY 9

Comments…

Conclusions

Chart 1

Chart 3

Below is a normalized chart of the past quarter of the relative

volatility of all five asset classes covered in this section. Implied

volatility was lower in Q3 relative to Q2 across all asset classes.

After a relatively volatile Q2, both gold and FX implied volatility have

consistently trended lower in Q3. The implied volatility of U.S.

Treasuries has seen several peaks and troughs in Q3 as investors

reached for protection against rising yields.

The VIX is ending Q3 near its highs as the second round of selling

hits U.S. equities this quarter – possibly as investors rotate back into

Europe and Emerging Markets. Oil volatility remained bid during Q3

thanks to renewed tensions in the Middle East.

There are early signs that suggest volatility will rise between now and

the end of year. Perhaps it will be most visible in Equities, Currencies

and Oil rather than the uncharacteristic relative spike in the volatility

of bonds and gold seen last quarter.

The implied volatility of options on SPDR Gold Trust ETF fell sharply

into a tight trading range after spiking three times in Q2. The bands

are tightening to match much tighter ranges in gold futures.

4. Volatility bands

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OVERVIEW ASSET CLASS TRENDS 10

It has been a strong quarter for every asset class other than fixed income as we have seen strong performances from

equities, precious metals, Sterling and the Euro. Fixed income continues to trend lower however the US Ten Year was

practically flat over the quarter. However, the increasing correlation between these asset classes is a cause for concern.

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OVERVIEW ASSET CLASS TRENDS 11

Precious metals and Copper have outperformed significantly on a relative basis over the quarter, albeit from a very low base

given the weakness year to date. Oil is still outperforming over the longer term but is showing weakness in the past few weeks.

Bonds have stabilised but are yet to show signs of strength. While both the S&P 500 and Eurostoxx are outperforming it is

interesting that over the past few weeks the Eurostoxx is improving versus the S&P 500 both in terms of relative price and

relative momentum.

6. Relative Rotation GraphsTM

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GLOBAL EQUITY MARKETS 12


Emerging markets have been outperforming on a relative basis with the BRICs ex India looking good. South American markets

like Brazil, Colombia and Mexico are outperforming while South East Asian markets look weak. Meanwhile, European markets

look to be improving relative to US markets. In particular the peripheral European markets such as Spain, Italy and Greece

have been strong. It seems the bias towards US equities that was seen in H1 is now reversing as risk appetite increases.

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GLOBAL EQUITY MARKETS 13

With the decrease in volatility and increase in risk appetite seen over the past few months we can see that frontier, emerging and

European peripheral markets have outperformed developed markets. This is exemplified by the Spanish IBEX, Greek ASE,

Argentinian MERVAL and the Dubai DFMGI which have all outperformed significantly both over the quarter and the past 12

months. Of these in relation to the colour the turquoise colour seen for the DFMGI highlights its high volatility relative to the purple

of the IBEX. The large size of the markers in the top right hand corner highlights the strong relative RSI momentum of these indices.

The Brazilian IBOV despite being the worst performer over one year is showing dramatic improvement over the past quarter. The

pink colour and small market of the UKX Index shows low volatility and weak short term momentum. 7. Scatter plot chart

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GLOBAL EQUITY MARKETS (BREADTH) 14

The Brazilian Ibovespa made a bottom in July 2013 that had several

bullish market breadth divergences. The low in the price action actually

saw higher lows from % of RSI lows, % of MACD members above the

base, % new lows and % of members above key moving averages.

Notice by contrast how the recent price failure at the 200 day moving

average did not have many bearish divergence signals suggesting

potential for further upside.

8. Market breadth indicators

The Eurostoxx 600 has broken to new all time highs during the month

of September. However, if we look at the internal strength of the index

using market breadth measures it highlights potential weakness. We

see several bearish divergences, the % members above the 50

moving average, the % of members overbought on RSI and the %

with MACD above the base line all recorded lower readings for the

September high than the previous high made in August.

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GLOBAL EQUITY MARKETS (BREADTH) 15

Looking at the Market Breadth figures across the globe we can see that almost all indices are registering extreme bullish readings. This is exemplified

by the high percentages of securities above 200 day moving averages and virtually non existent 12 week lows. However, if we look at the number of

12 week highs and percentage of stocks above the 50 day moving averages we can see some short term weakness. This suggests some of these

markets may be in the process of correcting. Although it could also be a sign that there is room for another spike higher. Either way the longer term

divergences between new highs on several major indices versus lower highs on breadth indicators suggest we are at the latter stages of a bull run.

8. Market breadth indicators

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RATES AND INFLATION 16

Interest rates along the curve have again risen in both the US (left) and Euro (right) swap curves over the last 3 months, in

quite a parallel fashion. However, with respect to the previous quarter, the extent of the increase in both regions has been less

pronounced.

9. Implied forward curves 10. Historical curves

Despite a rally in the second half of September, the benchmark US (black) and European (orange) CDS indices are generally

maintaining their 2 year downward trend, thus continuing to imply less perceived risk. The spread between the two (lower

panel) has narrowed towards the 2 year low reflecting that the perception of Europe has improved more in the last quarter.

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RATES AND INFLATION 17

10 year breakevens for US, Germany and UK have all exhibited slight upward trends in Q3 having fallen in the previous

quarter. This would seem to support the slightly bullish view on inflation implied by the inflation gauges above and the rising

interest rate curves on the previous page.

11. Inflation indicators

Despite drops in Gold and Crude in September, on a normalized scale, all gauges of inflation in the chart above are positive for

the last quarter.

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FX 18

There is a large divergence for EUR (top) between the 25D Risk

Reversal, which has not risen in line with the Spot, and the net

large speculator position which is distinctly the most positive in has

been in the last year. With GBP, both the Risk Reversal and net

speculator have turned positive for the first time since mid Q1.

Analyst forecasts for both EUR (top) and GBP are far more negative

than the 3 month implied probabilities. The forecast distribution for

EUR peaks around 1.2948 with a heavy left tail as opposed to

c.1.3540 for the implied probability distribution. For GBP these

values are roughly 1.55 and 1.618 respectively. Interestingly, in both

cases the analyst forecast is at the minimum of the 1 standard

deviation implied probability range.

12. Sentiment and positioning 13. Implied probability forecast

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FX 19

The chart above uses the Bloomberg Correlation Weighted Indices from the BCWI page. The NZD and GBP indices show the

clearest signs of an upward trend having risen very strongly over the past year, but also over the last 3 months. The EUR index

has the best 3 month performance and its pink colour implies that it has the lowest 60D volatility of the group. The JPY index

shows the strongest downward trend, being the worst performer over 1 year and the 2nd worst, after the USD index, over 3

months. Its turquoise hue also tells that it has the highest volatility. The size of the spheres show that the NZD, GBP and CHF

indices have the strongest short term momentum, based on a 14D RSI, and the NOK, USD and CAD indices the weakest.

7. Scatter plot chart

USD

CAD

AUD

JPY

NOK

SEK

GBP NZD

EUR CHF

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COMMODITIES 20

Precious metals have made a dramatic recovery over the past quarter but have yet to move into the leading quadrant.

Crude Oil while still a relative outperformer has seen a significant drop in momentum on recent relative price weakness.

Cocoa and soybean continue to outperform while sugar is improving. Industrial metals; Copper, Nickel and Aluminum and

are showing signs of strength.


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COMMODITIES 21

Cotton is the strong outperformer over the past 12 months. It is exhibiting strong momentum (size of marker) yet still has

moderate levels of volatility suggesting the uptrend is strong and orderly. Cocoa is showing similar strength especially over the

last quarter. Silver, despite recent improvement over the past quarter, is still down significantly over 12 months and has the

highest level of 60D volatility out of all the CRY Index components. Corn and Coffee have been the weakest performers over

the past quarter, accompanied by weak relative momentum and above average levels of volatility.

7. Scatter plot chart

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BRIEF MARKET SPOTLIGHT 22

The Dollar Index has broken below its weekly cloud and uptrend support. It looks

set to test three key support areas; cloud versus lag = 79.412 (orange), 52 week

low of 78.918 (blue), and bottom of monthly cloud = 78.853 (red). Due to the

steepening of the Cloud versus the lag over the next month the Dollar Index must

bounce back above 80.719 to avoid generating a weekly Ichimoku sell signal.

Above is a weekly chart of the S&P 500 mini future with a

potential Elliott Wave count applied. Starting with the multi -

year low in 2009 we have counted a wave one impulse to

the 2010 high with the following correction during 2010

forming wave 2. From this 2010 low we have counted a

large impulsive wave 3 higher that looks to be completing

sub wave v of 3 of 3 of 3.

This would suggest a correction is imminent. The top of

the channel c.1800 should cap any final surge higher

however it may not be tested by the current move. Notice

the bearish divergence on the 9 period RSI which shows

upside momentum is waning.

The bottom of the uptrend channel c.1500 should

provide support and could be a good potential downside

target for a correction. The rule of alternation would

suggest it will be a triangle pattern as wave 2 of 3 of 3 was

an a-b-c correction.

Given the rules of Elliott Wave Theory we would expect

that this correction would not breach the high of wave 1 of 3

of 3 (marked by the red dashed line) made on September

14th 2012 (1474.75).

US Dollar Index

Weekly Ichimoku Chart

S&P 500 E-Mini Future – Weekly Chart

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BRIEF MARKET SPOTLIGHT 23

US Equities outperformed most global indices during the first half of

2013, this trend now it looks to be reversing. Above we can see that

the ratios of S&P 500 versus the Eurostoxx 600 (blue) and the S&P

500 versus the Emerging Market ETF (orange) topped out in July and

have since reversed course (all based in USD). This reversal has

been confirmed by the respective implied volatilities. Notice how the

ratio of the S&P 500 VIX versus the CBOE Emerging Markets ETF

Volatility Index have also reversed trend since July.

In light of the theme of Emerging Market outperformance that transpired

from the equity Relative Rotation Graph (page 12), it is interesting to

note that on a non-relative logarithmic scale, all 4 BRIC countries are at

or near long term trend line lows. Of these the trend line is clearest and

steepest for Brazil which to a large extent mirrors the long-term trends in

other Latin American markets.

S&P 500 Relative Strength Charts BRICs – LT Trends

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STRATEGY IN BRIEF 24

Volstall Stop and Reverse

In the Market Overview section

the blue and red signals come

from our proprietary Volstall

indicator.

This indicator, created in

STDY<GO>, employs a rate of

change of a moving standard

deviation of price. The rate of

change has to initially be above a

certain level to validate a trend

already been in place. The signal

then occurs at the point when the

rate of change starts to slow. This

implies that momentum is

decreasing and thus heightens

the possibility of a reversal.

The bars on the chart were

painted by creating what is

referred to as a Strategy Event.

To build a similar strategy select

the Events tab on a Bloomberg

chart, then select Add Even;

Browse; Strategies and Studies;

My Global Strategies.

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14. Strategy creation and backtesting

This is where one can create a new strategy. See the example below. The first condition for a buy is that the

Volatility ROC from Volstall must cross below its one day lagged value (hence implying that it has turned down).

The second condition is that the Volatility ROC must be greater than 20% as mentioned previously to validate an

existing trend. Thirdly we use RSI as a filter for the direction of the reversal. It must be less than 50 for a buy

signal as such a reading renders the existing trend bearish. For the sell signal the conditions are the same but for

the RSI which must be greater than 50. .

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The idea behind Volstall originates from

Bloomberg‟s Trendstall indicator. The

cornerstone of Trendstall is the ADX from

Wilder‟s DMI indicator, shown in panel 2,

which increases as a trend strengthens.

When it turns down it signifies that the trend

is losing momentum (often coinciding with a

reversal). However, as a derivative, the ADX

does not lead the trend change. Hence

Trendstall applies a rate of change to the

ADX to measure the loss of acceleration in

the trend earlier and anticipate the trend.

Like the ADX, standard deviation is also

symbolic of trend strength as the stronger

the slope of the trend the wider the

distribution of the prices must be. By

observing the Bollinger Bandwidth, panel 3,

which is the distance between the upper and

lower Bollinger Bands and thus a proxy for

standard deviation, we observed that

standard deviation may be more sensitive to

trend changes than the ADX. Thus we

substituted the ADX for standard deviation

in the Trendstall calculation to create

Volstall. The blue histogram in panel 4

shows the rate of change of the standard

deviation that forms Volstall and the black

line is the 1 period lag used to identify the

slope of the histogram turns negative.

The corresponding buy and sell signals are the gold and silver

stars on the price panel. It tends to work particularly well for swing

trading as it both requires that trends can form in order to generate

the signals but also an element of mean reversion so that when the

signals form momentum is not regained in the direction of the

preceding trend.

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When backtesting Volstall

using the BT<GO> function on

the Bloomberg terminal we

have recreated the same rules

used when creating the

strategy event for the chart.

However we have also added

two additional rules for better

money and risk management; a

4% take profit level and also a

2% stop loss. Should a reversal

signal come in before the take

profit or stop loss the trade will

be stopped and reversed.

Analysing the Simulation Control tab we can

see that the system is testing daily data over

the past three years. It is trading both long and

short and committing 100% of capital to each

trade. On this page it is possible to change the

periodicity and the timeframe for the test. The

initial capital can also be adjusted. Notice that

no slippage or commission has been added for

this example.

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The results above are for aforementioned strategy on GBPUSD over the last three years on a daily timeframe. The

average win was 2.95k against an average loss of 1.92k but what is all the more impressive is that over two thirds of

the trades were profitable resulting in a Profit factor of 3.20 and a Sharpe Ratio of 1.96.

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EXPERT BRIEFING 29

Adam Sorab is Head of Technical

Research at CQS, a $12 billion

hedge fund management

company. Previous roles include

Director of Absolute Return

Strategies at Deutsche Asset

Management, founding member of

CSFB’s hedge fund operation -

the Leveraged Funds Group, and

currency and interest rates

derivatives at Schroders. He is a

former President of IFTA and a

Fellow and former Chairman of

the UK Society of Technical

Analysts (STA).

How would you describe who you

are and what you do?

I am a hedge fund manager that

deploys technical analysis as part of

our investment process. I am also a

former President of the International

Federation of Technical Analysts and

a Fellow and former Chairman of the

British Society of Technical Analysts.

What attracted you to the financial

markets?

I graduated from the London School

of Economics and walked along

Fleet Street to the City to get my first

job in Banking in the early 80‟s.

Within a couple of years I was

posted to the Dealing Room and

initially got involved in money

markets before going on to

becoming a prop trader in FX and

interest rate derivative markets. In

the early 90‟s I got into the hedge

fund industry and have stayed in this

sector since then.

Please describe your approach to

understanding the markets, do

you use technical analysis,

fundamental analysis or both,

please explain why?

I try to use fundamental analysis to

understand the economic drivers

behind markets and securities. I

then use technical analysis to spot

trends and their turns, to identify

entry and exit levels and to highlight

other key behavioural market

features that can further support my

investment and risk management

decisions. We also use other

approaches such a quantitative

methods to optimise portfolio

allocations and hedges.

What technical analysis

techniques, if any, do you favour?

I favour most traditional methods

and tend to focus on price patterns,

candlestick analysis and classic

support and resistance approaches

rather than the use of lots of

indicators. I also like to use Elliott

Wave at times to put each market

into context. I further like to use TD

counts to highlight possible

reversals. In truth, there are many

techniques available and while I tend

to stick to a handful of old favourites,

I will also drill into ideas using other

more “modern” approaches in certain

cases.

Do you use automated systems or

rely on judgment?

Always judgement. No automated

trading systems deployed.

What timeframes do you favour,

historical, intraday or a

combination of both?

I like to use multiple time frames in

combination. (Yearly, Quarterly,

Monthly, Daily and Hourly).

.

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EXPERT BRIEFING 30

What are the key statistics to

consider when evaluating one?

No I don‟t use a trading system. If I

did, I would look to stats like Total

Net Profit, Profit Factor (gross profit

divided by the gross loss), Percent

Profitable, Average Trade Net

Profit, Maximum drawdown and

Maximum Adverse Excursion.

What is the least important

aspect to consider when

building trading systems?

I don‟t know yet....

Do you employ portfolio

management and/or pyramiding

techniques?

Yes, they are critical elements of

trading success.

How important are drawdowns

and money management in your

opinion?

Vitally important. Capital

preservation is the foundation of all

the best investment strategies

What is your opinion/approach

to optimization?

I think it‟s over employed and adds

little value. In my view the best

techniques are robust and not

overly dependent on subtle

changes to input variables. Rather

than find an “optimal” indicator, I

prefer to find a “reliable” one.

What advice would you give to

those who are new to the

financial markets and want to

become the next Adam Sorab?

Study hard at School and be

prepared to start at the bottom and

work your way up in the City. Too

many modern day financial

professionals come from University

and go straight into financial

markets. Many fail and have to exit

ignominiously. I think it‟s important

to have a broader understanding of

our industry and so encourage

young people to go into Risk

Management, Operations,

Research etc. first before trying

their hand at trading.

Can we have the name of

someone who has impressed

you during your career?

A great many people have

impressed me over the years.

Right now my boss and mentor is

Michael Hintze. He has taught me a

great deal about markets and how

to trade them.

Is there anything you would do

differently, if you were given a

chance?

I would have studied History rather

than Economics (as in fact it‟s not

the subject, it‟s the grades and

University name that seems to

matter. I also think I was way too

contentious as a prop trader. On

reflection I should have bet the

bank every day to make full use of

the prop trader‟s option.

Is the future all into algo trading

and automated systems or does

human intuition still have a role?

I don‟t believe that algo‟s and

Computers will ever beat humans

at the trading game. I believe they

will serve a role for sure but as

humans are the best at “thinking

outside the box” so I believe there

will always be a role for non-

mechanical traders and investors.

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APPENDIX 31 1. The red and blue signals in the Overview section are an indicator called Volstall. It is our own indicator created in STDY<GO>. It uses the

rate of change of the moving standard deviation of price to identify possible reversal points through decreasing momentum. A guide to

STDY<GO> as well as a forum can be found within red toolbar in the function.

2. In the Overview section the bars are painted according to a triple exponential moving average crossover with averages of 4, 9 and 18. The

blue and red Volstall signals and painted bars are created in the strategy events. From a chart click on the events flag ,+Add Event, Browse

then select option17) Strategies & Studies.

3. The indicator below the charts in the Overview section is the Fisher Transform with Squeeze (Indicator outlined by John F. Carter) . The

indicator uses a Gaussian probability density function as opposed to a more traditional bell-shaped probability density function to calculate

the position of the price compared to its range (see TECH<GO>). Squeeze signals are shown as red bars and occur when the Bollinger

bandwidth is less than the Keltner band with signalling low directional volatility.

4. On the volatility charts we have used Bollinger bands with a 60 period moving average with upside deviations of 1, 2, and 3. On the

downside we have used 1,1.5 and 2 standard deviations from the average, to reflect the inherent skew in volatility indices.

5. World Trend Graph can be found at WT<GO>

6. Relative Rotation Graph sTM can be found at RRG<GO>. Relative Rotation GraphsTM of Relative Rotation Graphs Limited. See

www.RelativeRotationGraph.com .Please see DOCS 2063266<GO> for more information.

7. The scatter plot chart can be found at GS<GO> and allows for the visualisation of 4 unique sets of data.

8. More information on Bloomberg‟s Market Breadth indicators across 54 different markets can be found at DOCS 2068663<GO>

9. Implied forward curves can be charted in FWCM<GO>

10. Historical curves can be charted in GC<GO>

11. An inflation indicator template and Breakeven rates can be found at ILBA<GO>

12. Sentiment and positioning data can be located at IPSP<GO>

13. Implied probability FX forecasts are derived from FX options and can be found at FXFM<GO>

14. Use BT<GO> for the creation, backtesting and optimisation of strategies. It will integrate your own custom studies built in STDY<GO> and

can also generate alerts. A guide to BT<GO> as well as a forum can be found within red toolbar in the function.

OTHER RESOURCES

• CHART<GO> is the homepage for Bloomberg charts and technical analysis with links to a variety of functions and resources including

documents on Bloomberg‟s own proprietary studies.

• „Getting Started With Bloomberg Charts‟ at DOCS 2069346<GO> for an introduction to what is possible.

• „A Guide to Bloomberg Charts‟ at DOCS 2065187<GO> for a more thorough walkthrough how to use our charting and technical analysis

functionality.

DISCLAIMER - Read the full Bloomberg Tradebook disclaimer here: http://goo.gl/UewDb

http://www.relativerotationgraph.com/

http://goo.gl/UewDb

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13 · 13 // overview equities 3 chart 2 chart 3 chart 4 strong uptrend channel remains intact and...

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