迎接特朗普大选胜利的热情和欣喜，尤其是在零售投资者基础中，已被零售情绪取代，在2022年熊市底部的最低水平上。

此外，旋转是牛市的命脉，如今，轮换已成为全球性 - 从美国到其他人。 TPW Advisory的创始人兼负责人杰伊·佩洛斯基（Jay Pelosky）建议，像iShares MSCI新兴市场（EEM）这样的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The enthusiasm and euphoria that greeted the Trump election win, especially among the retail investor base, has been replaced by retail sentiment at levels last seen at the bottom of the 2022 bear market.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.

迎接特朗普大选胜利的热情和欣喜，尤其是在零售投资者基础中，已被零售情绪取代，在2022年熊市底部的最低水平上。此外，旋转是牛市的命脉，如今，轮换已成为全球性 - 从美国到其他人。 TPW Advisory的创始人兼负责人杰伊·佩洛斯基（Jay Pelosky）建议，像iShares MSCI新兴市场（EEM）这样的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%.

加密货币 - 特朗普的贸易（我们也是如此），就像一块石头一样跌倒，许多增长，炒作和细分市场。还记得特朗普硬币吗？梅拉尼亚硬币？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.

股票市场弱点集中在MAG 7中，这是我们深入探索的出现，我们详细讨论了这一点。从MAG 7和中国技术基金中转移，例如Kraneshares CSI China Internet ETF（KWEB），一直是我们见过的最快，最清晰，最清晰，最清晰的旋转实例之一。

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.

然后，在过去的两周中，非美国股票市场的相对性能很强，iShares MSCI EAFE ETF（EFA）和EEM保持在200天的移动平均水平上方，而标准普尔，QQQ和其他人则在低于S＆P。这是正在进行的全球权益旋转的证词。旋转是牛市的命脉，这里的旋转是全球性的，从美国到其他人。

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.

我们继续强烈赞成非美国股票，并保持欧洲和亚洲超重。我们的重点是大型帽子，银行（贷款增长，违约较少，更多并购）和欧洲防御，以及日本在亚洲的重点。

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.

我们还保持着超重的EM股权，重点是大型上限和技术。除了上个月添加的欧盟国防部外，我们已经在全球多资产（GMA）模型中担任了这些职位一段时间。我们将使用美国股权中的撕裂来减少位置，并在非US中使用下降作为增加的机会。

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