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Deciphering Market Trends with Tian Yang on MacroVoices

Deciphering Market Trends with Tian Yang on MacroVoices

Feb 15, 2024

Deciphering Market Trends with Tian Yang on MacroVoices

Hosted by Erik Townsend and Patrick Ceresna, the episode features Tian Yang, CEO and chief market strategist at Variant Perception. This article delves into the multifaceted nature of financial markets in 2024, offering a comprehensive analysis based on recent data and expert perspectives.

Market Performance – A Weekly Snapshot

As of February 14, 2024, the financial markets exhibit a mixed performance with the S&P 500 March futures slightly up, and the US dollar index showing strength. WTI crude oil and RBOB gasoline prices are up, whereas gold, copper, and uranium have seen declines. The US ten-year treasury yield experienced a breakout, indicating potential shifts in fixed income markets. Upcoming economic data releases, such as the PPI inflation number and consumer sentiment reports, are anticipated to influence market directions.

The conversation touches on indicators like the log periodic power law (LPPL), which signals potential market tops or bottoms. Yang's analysis on fiscal policies depicts a significant reliance on continued government stimulus, while tax receipts and job opening data suggest underlying economic divergences. Earnings per share forecasts and pricing power metrics present a cautious outlook on corporate profitability.

Asset Class Analysis

Fixed Income: The discussion on fixed income highlights the current positioning of US Treasuries and the relative value found in TIPS and mortgage-backed securities. The short-term interest rate markets are expected to offer trading opportunities in both directions, with trade structures like put flies providing advantageous risk-reward profiles.
Foreign Exchange: Dollar strength, especially against the Chinese RMB, is a focal point. The possibility of trading the dollar CNH upside and capped upside on Chinese equities presents an intriguing strategy considering the structural challenges within China's economy.
Equities: Yang's approach to global equity allocation leverages factors such as crowding and the capital cycle. Preferred sectors include gold miners, oil and gas, and certain emerging markets. In terms of sector allocation, energy staples and materials are favored, with tech and healthcare presenting credit opportunities relative to equities.


The financial markets in 2024 are shaped by a confluence of economic indicators, fiscal stimuli, and geopolitical developments. Investors are navigating a landscape where data-driven analysis converges with nuanced market understanding. The insights from Macro Voices episode 415, featuring Tian Yang, underscore the importance of adaptive strategies in a world of financial intricacies. As markets respond to new data and evolving narratives, professional finance, high net worth individuals, and sophisticated investors must remain agile, relying on expert analysis and leading indicators to guide their decisions.


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