Country equity indices mostly reported strong gains for the month and generally have done much better than the US, albeit over 5 percent of the move may be associated with currency moves. Commodity-driven countries showed poorer performance this year.
While the gains have not be strong for the month or the year, bond sectors are all positive for the year. The only negative sector for the month was TIPS given the decline in inflation and forward expectations. Our trend and breakout indicators are all showing that bonds are a buy for any portfolio.