Will the September rally now start to rollover?

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On August 26th in New York, Charlie McElligott, managing director of cross-asset strategy at Nomura Holdings, sat down with Ed Harrison to talk equity market volatility. For anyone considering deploying capital across asset classes this month, it is a much watch video. Charlie has nailed the early month equity rally. Here is what he had to say about the direction of the market,

If you're looking to sell strength, these first two weeks of the month are probably the time to do it.

 

Charlie McElligott on Real Vision

So, what's in store for the second half of September? According to Charlie, we could see dynamics move into reverse. He suggests to Ed,

If you're looking to buy the market on a pullback those last two weeks are probably the time you want to do it.

Of course, the Federal Reserve is meeting next week, and Jerome Powell's track record is one of disappointment for the bulls. That is one factor that could work in the direction of a pullback. However, Charlie explains there is a lot more going on in terms of hedging among big players in the market. He also looks further down the road and sees that the recession trade which favours bond proxies and secular growth-oriented technology names is getting crowded. That is opening up underpricing opportunities in other areas of the market.

It's a great interview for anyone actively engaged in North American equities. INK Research CIA Interactive and Institutional subscribers have full access to all Ultra Money videos including this premium episode from Real Vision. Non-INK subscribers can sign-up directly on INK Ultra Money or stay tuned for a special offer coming here soon. There is also plenty of free Real Vision content on INK Ultra Money worth checking out.

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