Think back.
Way back.
All the way back to January of … last year.
It was a painful month to say the least. Stocks and commodities were more depressed than a Hillary voter at 12 a.m. EST on November 9.
For bonds, it was business as usual. 10s have rallied in three consecutive Januarys going into 2017…
(Chart: SocGen)
This year is off to a better start for equities and crude, while the abrupt reversal of the reflation trade has pushed yields lower in the US (are we headed for a fourth straight January bond rally?). For those interested in the head to head comparison, find a handy guide below from Wells Fargo.
2016 vs. 2017
(Table: Wells Fargo)
Last year by the 19th Jan, I had lost over 30% of my portfolio value. Finished up over 40% for the year, but I do not wish to repeat the first two months of 2016.