The trend is our friend, but it is a fickle one. Right now, financial market practitioners are agonising over whether the strong chartlines which have proved so profitable over much of the past year are undergoing sharp changes in direction.
In particular, the big gains by the riskiest assets â anything from small cap technology stocks to emerging market bonds â are looking suspect. Asset managers with flexible benchmarks are diversifying their positions and calculating whether to risk a big-style rotation towards defensive equities.
