The FXI setup large-caps miss

The thesis

The special situation here is mispriced relative to the catalyst path.

Relative strength is quietly building under the index headlines.

What I'm watching

• FXI relative strength vs SPY
• the catalyst timeline
• A clean move through the level I flag below

Positioning

Long on FXI, 1-6 months horizon. Conviction: Low. Liquidity is thinner here — I size down and stay nimble.

Opinion, not investment advice. The author may or may not hold positions discussed.