Investment thesis: the international environment is still very challenging. While economies are beginning to come out of lockdown, the incoming data -- which is lagged -- shows a severe economic contraction. Equity markets have rallied in anticipation of a quick recovery. They have based this assessment on a large amount of stimulus proposed by most countries. However, most markets are also technically unattractive for the bulls.
Two previously highlighted trades are still attractive: long China (FXI) -- which is releasing some positive economic data -- and short Brazil (EWZ) -- are