Rosenberg recommends defensive positioning amid dis-inflationary, recessionary pressure
The NFTRH theme has been disinflation and economic signals fading toward counter-cyclical. Check. Everybody’s got the memo now. Even the tardy Fed is getting the memo.
Gold has been slowly taking hold of macro leadership for months now and more recently, we have noted internal market rotations into defensive Healthcare and Utilities. These rotations tend to be precursors to bear markets. All according to our plans, and David Rosenberg is one mainstream figure I respect. I’ll take him on my side of the market, any time.
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