Report Date: 20 July 2015


Where are we in the Cycle?
Indicators continue to point to deteriorating cyclical conditions with no evident improvement in growth prospects and a resurgence in the U.S. dollar.  Also this week: why bond yields may have already adjusted; and, Euro area growth remains confined to a narrow base reducing the likelihood of an acceleration in activity.     More...

Market Directions
A more positive equity market tone helped resource sector prices but the week finished with downward pressure on gold and oil markets.  Also: why gold equity prices need more bullion support just to hold steady; and, the connection between earnings and S&P 500 equity prices.      More...

Portfolio Performance and Positioning
Exploration stocks were a drag on the macro portfolio model with large cap stocks, notably excluding Fortescue Metals Group, performing relatively well.  There were no recommended changes.   More...

Stock Reviews and Rating Analysis 
Universal Coal (UNV:AX) continues to track well against its targeted operational outcomes which anticipate rising production between 2015 and 2019.  The company is an unusual example of a profitable coal mine developer with positive value momentum possibly escaping attention because it is servicing the South African market - a big advantage over others in the sector at this point in the cycle.  For recent company reports...

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DAILY BRIEFING: The PortfolioDirect market diary offers brief thoughts on current issues affecting sector investment strategies.

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