Strategy Note: Have the canaries started to fall over?

·        Chart 1: $-index, turned up from the proverbial Rubicon line

·        Chart 2: Re-adjustment of the term-premium

·        Chart 3: $-Liquidity is like dynamite fishing…

·        Chart 4: EMs the beneficiaries of a misallocation of liquidity

·        Chart 5: Bloomberg EM FX carry index has broken out of bull trend

·        Chart 6: MSCI EM, testing trend-reversing support levels

·        Chart 7: Cost of EM debt rising

·        Chart 8: DXY, the dollar has started to trend

·        Chart 9: $-rand, has corrected to the break-out level

·        Chart 10: R186, expect short-term correction then higher levels

·        Chart 11: JSE Top-40 ($), also testing a major support line

·        Chart 12: JSE SWIX, expect further downside potential