The real opportunity in gold

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Gold's record-breaking rally has given way to a tug-of-war between shifting Fed expectations, cooling geopolitical tensions, and changing investor sentiment. Day-to-day swings continue as markets attempt to price an increasingly uncertain macro backdrop.

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The Market Needs Semis. Semis Aren't Cooperating.

The easy bounce is over. SPX is approaching resistance. Semis aren't leading. Downside protection has been crushed. And one options market isn't buying the rally.

Groundhog Day

...the other aspect of the Hormuz Groundhog Day is that later in the week strikes typically resume, oil prices rally, equities sell, and bond yields rise

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