January 28, 2026

One Day Away

By Terence W. Brogan

Well, I think it is safe to say our Money Flow Model will be negative by tomorrow as we are now 5bps away from a Negative Cross/Sell Signal where we will Sell our Cyclicals/Risk-On/High Beta…

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January 27, 2026

Counter-Trend Non-Cyclical Money Flows Positive Divergence/Positive Cross/ Buy Signal

By Terence W. Brogan

We continue to have more evidence that the non-cyclical trade is setting up for Alpha Production. Below is the Relative Performance Money Flows of our All-Cap Non-Cyclical versus Cyclical and the counter-trend positive divergence buy…

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January 26, 2026

Money Flow Model Spread Converging

By Terence W. Brogan

I have to say it looks like the Model is going to turn negative as it is now +32 bps to a Negative Cross/Sell Signal. We are watching with batted breadth as our longer-term moving…

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January 23, 2026

Dr. Copper

By Terence W. Brogan

As the saying goes “Dr. Copper with a PhD in Economics” because Copper is in everything and when Copper is doing well, so is the economy. As you can see from the first (long term)…

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January 22, 2026

All Cap Cyclical Relative Performance Breakout!

By Terence W. Brogan

The past three months have been very good for our Buy Cyclicals call and as of yesterday we got a Relative Performance Ratio of the S&P1500 Cyclical versus the S&P500 to finally experience a Bullish…

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January 21, 2026

Commodities Money Flow Buy Signal

By Terence W. Brogan

Today we are recording a Cumulative Money Flow 104 MACD momentum reversal Buy Signal on the S&P GSCI (Goldman Sachs Commodity Index). As you can see below, GSCI’s largest weighting is Oil so it is…

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January 20, 2026

Cost of Capital Going Higher

By Terence W. Brogan

Today we are going to reiterate our call for higher interest rates. We have been noting the bullish flag pattern on yields that historically (according to technical textbooks) resolves to the upside. As we have…

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January 16, 2026

Relative Performance Buy Signal Emerging Markets Asia ~ China & Tawain

By Terence W. Brogan

Monday, we recorded a relative performance Buy Signal for MSCI ACWI ex USA, Europe & Emerging Markets versus the USA (S&P500) and today we are going to focus on Emerging Market Asia. It is no…

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January 15, 2026

Japan Relative Performance Buy Signal

By Terence W. Brogan

Monday, we recorded a relative performance Buy Signal for MSCI ACWI ex USA, Europe & Emerging Markets versus the USA (S&P500) and the largest weighted country in the international index is Japan. So, it is…

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January 14, 2026

Money Flow Model Still Positive

By Terence W. Brogan

Yesterday we spoke about how our Money Flow Model decline looks to have arrested but let’s not hold our breadth. As you can see from the chart of the model below, the spread has been…

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