Morning Market Commentary & Weekly Charts

If the current slow GDP trend continues, and all signs we see point to this, then the level of earnings for the S&P 500 could be the lowest seen in two years. Q1. We are convinced by the initial data that this year’s Q2 will not be nearly as strong; we maintain our 2015 forecast for +2.2% GDP growth. It is time to make a few portfolio adjustments.

050415 CGI Morning Market Commentary & Weekly Charts US$ to correct further, 10-Y treasuries in US, Europe to correct further, Time to sell US, Euorpean, Japanese equities into period of Weakness until end of summer