Morning Market Commentary – No sell signals yet NDX;AAPL;Currency Musings;Global Automakers

We continue to see one good investment solution to the problem of global currency wars:  Investors should continue to buy Gold.

We have been recommending for 3 years to “sell/short” the French OEM’s and also Fiat, in Italy, which in retrospect clearly was an alpha generating call for investors over the entire time period.

Given recent macro-dynamic changes, in monetary policies, impacting currency markets around the world, namely the Yen weakening substantially versus most currencies, particularly the US$, the EURO, but also mostly against the Korean Won, we have become bullish in September 2012 on Japanese stocks, calling for a major rise in the Nikkei, and implicitly seeing a bullish case in favor of Japanese car companies.

021313 CGI Morning Market Commentary