迎接特朗普大選勝利的熱情和欣喜，尤其是在零售投資者基礎中，已被零售情緒取代，在2022年熊市底部的最低水平上。

此外，旋轉是牛市的命脈，如今，輪換已成為全球性 - 從美國到其他人。 TPW Advisory的創始人兼負責人傑伊·佩洛斯基（Jay Pelosky）建議，像iShares MSCI新興市場（EEM）這樣的ETF受益。

The enthusiasm and euphoria that greeted the Trump election win, especially among the retail investor base, has been replaced by retail sentiment at levels last seen at the bottom of the 2022 bear market. Additionally, rotation is the lifeblood of bull markets and today, the rotation is global – from the US to the rest. ETFs like the iShares MSCI Emerging Markets ETF (EEM) are benefitting, advises Jay Pelosky, founder and principal at TPW Advisory.

迎接特朗普大選勝利的熱情和欣喜，尤其是在零售投資者基礎中，已被零售情緒取代，在2022年熊市底部的最低水平上。此外，旋轉是牛市的命脈，如今，輪換已成為全球性 - 從美國到其他人。 TPW Advisory的創始人兼負責人傑伊·佩洛斯基（Jay Pelosky）建議，像iShares MSCI新興市場（EEM）這樣的ETF受益。

Crypto – THE Trump trade (we thought so, too) – has fallen like a stone alongside many growth and hype stocks and segments. Remember the Trump coin? The Melania coin? Down 90%.

加密貨幣 - 特朗普的貿易（我們也是如此），就像一塊石頭一樣跌倒，許多增長，炒作和細分市場。還記得特朗普硬幣嗎？梅拉尼亞硬幣？下降了90％。

Stock market weakness has been concentrated in the Mag 7, which took a shot to the heart with the advent of Deep Seek, something we have discussed at length. The shift out of Mag 7 and into China tech funds like the KraneShares CSI China Internet ETF (KWEB), has been one of the fastest, cleanest, and clearest examples of rotation we have ever seen.

股票市場弱點集中在MAG 7中，這是我們深入探索的出現，我們詳細討論了這一點。從MAG 7和中國技術基金中轉移，例如Kraneshares CSI China Internet ETF（KWEB），一直是我們見過的最快，最清晰，最清晰，最清晰的旋轉實例之一。

Then there is the strong relative performance of the non-US equity markets over the past two weeks, with the iShares MSCI EAFE ETF (EFA) and EEM holding above their 200-day moving averages while the S&P, QQQs, and others broke well below. That is a testimony to the global equity rotation under way. Rotation is the lifeblood of bull markets and here the rotation is global, from the US to the rest.

然後，在過去的兩周中，非美國股票市場的相對性能很強，iShares MSCI EAFE ETF（EFA）和EEM保持在200天的移動平均水平上方，而標準普爾，QQQ和其他人則在低於S＆P。這是正在進行的全球權益旋轉的證詞。旋轉是牛市的命脈，這裡的旋轉是全球性的，從美國到其他人。

We continue to strongly favor non-US equity and remain overweight both Europe and Asia. Our focus is on large caps, banks (loan growth, fewer defaults, more M&A), and defense in Europe, and a Japanese focus in Asia.

我們繼續強烈贊成非美國股票，並保持歐洲和亞洲超重。我們的重點是大型帽子，銀行（貸款增長，違約較少，更多併購）和歐洲防禦，以及日本在亞洲的重點。

We also remain overweight EM equity with a strong focus on China, both large cap and tech. We have held these positions for some time in our Global Multi Asset (GMA) model, except for EU defense which we added last month. We would use rips in US equity to reduce positions and employ dips in non-US as opportunities to add.

我們還保持著超重的EM股權，重點是大型上限和技術。除了上個月添加的歐盟國防部外，我們已經在全球多資產（GMA）模型中擔任了這些職位一段時間。我們將使用美國股權中的撕裂來減少位置，並在非US中使用下降作為增加的機會。

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