Weekly Signals
Three Weeks Aligned
Every intermarket signal stays on offense for a third straight week. Trend, rotation, commodities, and Treasury behavior remain unanimously aligned with risk.
Michael A. Gayed, CFA
Macro Observations
A 30% off annual code, this weekend only
Macro Observations
Weekend reading: 3 from the archive worth your time
3 from the archive worth your time (all paywalled): 1) URGENT - Doors Close at Noon ET: 1 CFP CE Credit on the 351 ExchangeIf you care about positioning, flows, and how macro narratives get priced, this is a useful one to revisit.Read: https://www.leadlagreport.com/p/urgent-doors-
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LIVE TODAY at 2:30 PM ET — Income Investing with Nasdaq Exposure (1 CFP CE Credit)
Wednesday, May 20, 2026 · 2:30 PM ET · 60 minutes · Last-minute registration still open Today at 2:30 PM ET I’m hosting Jay Hatfield, CEO and CIO of Infrastructure Capital Advisors, for a live conversation on monetizing Nasdaq volatility for income — and the macro positioning behind his current
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Today at 11 AM ET: The AI Trade Is Hitting A Hardware Wall
Join today’s CE-credit approved Lead-Lag Live webinar with Derek Yan, CFA of KraneShares and Max Chen of Etna Capital Management.
Newsletter
Tomorrow, 11 AM ET: Inside The AI Hardware Wall (CE Credit Approved)
A sponsored Lead-Lag Live webinar with Derek Yan, CFA of KraneShares on AGIX, the AI ETF holding direct stakes in Anthropic, SpaceX, and Nuro. 1 CFP / CIMA CE credit available.
Newsletter
Income Investing with Nasdaq Exposure — Live Webinar with Jay Hatfield (1 CFP CE Credit)
Wednesday, May 20, 2026 · 2:30 PM ET · 60 minutes The Nasdaq has been the engine of equity returns — and the source of most of the volatility. For income-focused investors, that volatility is usually a problem to manage. But it can also be a raw material to monetize. That’
Weekly Signals
Offense Holds the Line
Every intermarket signal stays on offense for a second straight week. Trend, rotation, commodities, and Treasury behavior remain unanimously aligned with risk.
Macro Observations
The Curve Just Un-Inverted. History Says That's When Things Break.
Credit spreads at 2007 lows, VIX collapsing, CPI re-accelerating, and a Fed splitting 8-4 for the first time since 1992. The all-clear isn't an all-clear.
Global View
The Bond Market Voted Friday
Warsh confirmed, Powell walked out, CPI printed 3.8%, stocks hit all-time highs on Thursday — and then the 10-year yield had the final word.
High Yield Spotlight
The Credit Market Has a Fear Problem Right Now. This 10% Yielder Is Built for It.
Ares Dynamic Credit Allocation Fund (NYSE: ARDC) — When the World's Largest Credit Manager Runs Your CEF
Leaders-Laggards
Tech Alone Drives Six Straight Up Weeks As The Fed Pivots Hawkish
S&P, Nasdaq Hit Fresh Records on Six-Week Rally; XLK +9.8% On The Week