Chart 9: BMW for example and why?


Source: Bloomberg Chart 10: BUND YIELDS


Source: Bloomberg Chart 11


Source: Bloomberg


We are in very interesting times…. can the equity market break out? Not so sure, but one thing is clear –INVESTORS ARE NOT SET UP FOR GOOD NEWS, BE IT BREXIT or TRADE.


Oh and that “itch I can never scratch”. WALDGEIST for the Prix de L’Arc de Triomphe. Unseasonably good weather looks set for most of Western Europe leading up to the first Sunday in October. This horse needs decent ground, which he may get. He’s not too far behind Queen Enable and is trained by a genius. Bonne chance!


Lee Heyman E: lee.heyman@admisi.com T: +44(0) 20 7716 8523


19 | ADMISI - The Ghost In The Machine | September/October 2019


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