All Reports:

Today we’re looking at the Money Flow Model, which remains deeply negative even as the market is hovering around all‑time highs. This divergence between weak broad‑based buying pressure/closing power and rising market prices continues to…

This is no longer about valuation. It is about positioning and liquidity. When correlations go to one, diversification disappears. When leverage comes off, fundamentals can stop mattering in the short term. And when everyone reaches…

Today we’re reviewing Money Flow Breadth across the markets, and it continues to struggle and diverge from market price. We’ve been expecting Money Flow to strengthen as the market declines, but even with the market…

Bessent came out yesterday and made the arrogant statement, “I Am the House,” invoking the gambling motto “The House Always Wins.” Unfortunately for him, when it comes to printing fiat currency — classic coin clipping…

Volatility is waking up, but the stock market still isn’t paying attention. Oil volatility, yen volatility, skew, and VVIX are all flashing warning signs while index volatility remains unusually quiet. That disconnect matters. With CPI…

Everything says SELL TECH: higher interest rates, rising Treasury yields, enormous AI capital spending and now growing corporate debt issuance to finance the AI buildout. Yet the Nasdaq-100 continues tohold remarkably well. That resilience is…

Today we’re continuing our focus on Rates and Oil, because both assets appear positioned to move higher — and both function as taxes on the public, slowing economic activity. Historically, this dynamic leads to Demand…

Today we’re starting the week by reviewing the Money Flow Model, which remains negative, though it appears to be attempting to bottom. The intermediate‑term moving‑average slope is flattening — an essential early step before the…

The latest move by the Dutch central bank is another reason we remain bullish on gold. The Netherlands just relocated 86 tons of gold, citing geopolitical risk and the need for greater crisis preparedness and…

August payrolls just landed at +162K vs. 53K expected — the biggest beat of the year — with unemployment steady at 4.1%. Textbook “good news is bad news”: stronger jobs data hands the Fed cover…

Today we got the jobs number, and the cost of capital is pushing higher in response to the results. The talking heads argue that rising capital costs reflect a strong economy — but if that…

On August 21st, we published a report stating — for the first time in a very long time — that the S&P 500 is in a bear market. I define a bear market simply as…

Perhaps the most important monetary question facing the world is one that receives remarkably little attention: What is the fair-value relationship between sovereign currencies, enormous government debt and the physical gold held by central banks?…

Gold futures are taking another hit, but notably, volume has not expanded significantly. That suggests this may be more long liquidation than aggressive institutional selling. I’d watch open interest and, importantly, our Money Flow readings….

Today we want to reiterate our bullish stance on Value and Hard Assets, reflected in the Relative Performance Breadth of the All‑Cap S&P 1500 (400+500+600) versus the Energy sector. When we examine the relative performance…