Leaders-Laggards
S&P -2.55% Snaps 9-Week Run; Nasdaq -4.65% On Broadcom Miss + AI Pullback; XLE +2.45% Flips Back To Leader On Iran/Israel Strikes; Jobs +172K Pushes Fed Cuts To 2027; Gold -5.0%; 10Y Holds 4.55%
Weekly Signals
Three of four signals favor risk-on positioning. The Treasury rotation lone holdout continues to flag a defensive undertone beneath the surface.
Newsletter
KEY HIGHLIGHTS - BB high-yield risk premia remain compressed: **BB OAS was ~1.77% (Apr 20)**, near the bottom end of its post-2020 range.[1] - Equity volatility is not flashing “crisis,” but it also isn’t asleep: **VIX closed ~18.87 (Apr 20)** after spending much of April in
Newsletter
Join Jay Hatfield live in just an hour— register now before the webinar begins
Newsletter
A Lead-Lag Live CE Credit Webinar • June 4, 2026 • 2:00 PM ET
Leaders-Laggards
S&P +1.5% On Week 9; XLK +5.9% On NVDA Beat; XLE -5.4% Flips To Laggard On Iran Ceasefire; 10Y Softens To 4.45%; EEM Leads All Major Indexes
Newsletter
How a Daily 0DTE Covered Call Strategy on SPY Converts the Market’s Volatility Premium Into a Daily Paycheck
Weekly Signals
Three of four signals favor risk-on positioning, though one holdout warrants attention.
Newsletter
KEY HIGHLIGHTS · High yield’s risk premium has compressed back toward cycle lows, with the ICE BofA US High Yield Option-Adjusted Spread at **2.85% (Apr 15, 2026)**.[1] · The yield curve remains positively sloped, with the 10-year minus 2-year Treasury spread at **0.53% (Apr 15,
Closing Thoughts for the Week
When does record euphoria become a setup, not a celebration?
Macro Observations
Markets just priced 70% odds of a Fed HIKE — and ran eight straight up-weeks anyway. The duration playbook just broke.
Newsletter
The AI conversation has fixated on the same six names for two years. Matt Tuttle thinks the more interesting layer sits one step beneath the hyperscalers — in the **physical infrastructure** that AI cannot exist without. On Monday, June 1 at 2:00 PM ET, Matt joins the Lead-Lag team