U.S. Equities – Wheels Come Off

Retailers reach peak sales during the holiday season and relatively weak turnover in the subsequent period. They are aware and well prepared for this cyclicality. A similar relationship holds for the business cycle. Although the pattern fluctuates less regularly, business cycles unfolded since modern record-keeping and probably even before that. Business cycles are among the …

Gold – A Victory Lap

A remarkable precious metals rally ended in early September. Gold reached almost into a long-term resistance cluster before the advance stopped. The subsequent correction has been unfolding for two months. Its character is choppy, shallow, and time-consuming. Those who are familiar with our work remember that we turned bullish on metals in November 2018 and …