Back in December, we passionately made the point that “credit risk will veto the Fed policy path in 2016.”

Investments which benefit from a weaker dollar (emerging markets and commodities) will be standouts in the first half of 2016.”

It’s interesting to note below how well some emerging markets are doing relative to others.

South Africa’s 1% performance relative to Brazil, Russia and Chile speaks volumes to the political crisis in Johannesburg.  In the second half of 2016 we see a …  Pick up our latest Bear Traps Report here

Some 2016 Global Markets in U.S. Dollars, through May 20