Newsletter
Tomorrow at 11:00 AM ET, I’m joining three other independent voices for a focused, 25-minute conversation on what’s really happening inside private credit — and what the marketing decks are leaving out. Private credit has been sold as the everything asset: higher yield, lower volatility, steady marks,
Leaders-Laggards
Trump Extends Truce Indefinitely, GLD Prints a Gravestone Doji, Oil Whipsaws Between $90 and $93, and the Tech Leader Holds While
Weekly Signals
Three of four signals favor risk-on positioning, though one holdout warrants attention.
Newsletter
A CE Credit Webinar with White Wolf Capital
Newsletter
How a Daily 0DTE Covered Call Strategy on QQQ Turns Tech Volatility Into a Paycheck
Global View
Record Highs, an Oil Collapse, and a Ceasefire That Expires Tuesday
Closing Thoughts for the Week
KEY HIGHLIGHTS • The S&P 500 surged 4.5% to close at 7,126, its first record high since January, while the Nasdaq gained 6.8% and posted its longest winning streak since 1992 at 11 consecutive sessions. • Major bank earnings exceeded expectations across the board, with JPMorgan reporting
Leaders-Laggards
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios which show
Macro Observations
Let me give you a specific number. In September 2025, three of the four primary intermarket signals in the paid dashboard shifted to risk-off. The Lumber/Gold ratio had already broken down weeks earlier — a signal I’ve tracked as a leading indicator of growth expectations for years. Paid
Newsletter
Dear Investor, Before the morning of August 9, 1995, the Internet was just something academic researchers and tech nerds talked about. Many people on Wall Street thought it was a fad. Then… Netscape went public. Netscape’s IPO didn’t just launch an internet company; it forced every institutional desk
Newsletter
Dear Investor, Before the morning of August 9, 1995, the Internet was just something academic researchers and tech nerds talked about. Many people on Wall Street thought it was a fad. Then… Netscape went public. Netscape’s IPO didn’t just launch an internet company; it forced every institutional desk
Macro Observations
More than 10,000 people pay for this newsletter every month. A meaningful portion of them are financial advisors, portfolio managers, and institutional allocators. These are not people who pay for content casually. They’ve decided the intermarket signal framework here is worth incorporating into their process. Here’s what