Weekly Market Outlook January 4, 2015

Weekly Market Outlook:
Pfäffikon SZ, Switzerland – In general, the stock markets have started the year 2015 in a minor key. Macro figures from the euro zone and the U.S. were disappointing, which caused the S&P 500 to close the week with a loss of 1.14%. The Russian stock market once again faced a decline and is, therefore, significantly undervalued at the moment.

Last Friday, the trading volume in the S&P 500 was 29% lower than the average observed over the past three months. Our indicators show a further weakening of the market and have no faith in the current rally. This makes us – temporarily – reluctant. The operating results of the fourth quarter will have to justify the current market prices. The fly in the ointment is the strongly increased dollar, which may cause negative surprises for American business. First, however, attention will be given to production and employment figures.


This material is communicated on January 4, 2015 by Thirteen Asset Management AG, Rietbrunnen 20, 8808 Pfäffikon SZ, Switzerland. This material is for information purposes only and is not intended to be a solicitation or invitation to invest. Any organizations or products described in this material are mentioned for reference purposes only. This material is intended only for investment professionals and professional clients and must not be relied upon by any other person. It is proprietary information of Thirteen Asset Management AG and may not be reproduced or otherwise disseminated in whole or in part without prior consent from Thirteen Asset Management AG. Alternative investments can involve significant risks and the value of an investment may go down as well as up. There is no guarantee of trading performance and past or projected performance is not a reliable indicator of future performance. We recommend to consult your bank, investment and/of tax adviser.