Leaders-Laggards
First Lumber/Gold Extreme reading in 3 years. XLI CRASHED to Significant Laggard. Gold Notable Leader. Late-cycle rotation widening.
Weekly
SPY +2.0% to $773. XLU 4W ROC -8.58% (Framework Check broken week 3). XLE Notable +1.02σ week 4 confirmed. GLD flips back to Leader. Rotation broadens but stays narrow. Run #26: 5 of 6 forward calls correct.
Leaders-Laggards
Warsh Kills Cuts; EEM +1.81σ Extreme; Russell +2.03%; XLE -5.86% Worst Sector; Lumber/Gold +8.11%; Credit Diverging Now
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%
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
Leaders-Laggards
Fed Minutes Reveal Members Anticipate Hikes If Inflation Persists; Kevin Warsh Sworn In As Fed Chair Friday; S&P +0.9%, Russell 2000 +2.7% Leads, Tech +3.5% Reasserts; Brent Oil -4% On Iran Whipsaw
Leaders-Laggards
S&P, Nasdaq Hit Fresh Records on Six-Week Rally; XLK +9.8% On The Week
Leaders-Laggards
Trump Cancels Pakistan Talks, Big Tech Earnings Loom, S&P Notches Ninth Record of 2026 — But Five of Eleven Sectors Are Already Lower
Leaders-Laggards
Trump Extends Truce Indefinitely, GLD Prints a Gravestone Doji, Oil Whipsaws Between $90 and $93, and the Tech Leader Holds While
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
Leaders-Laggards
Oil Crashes 11%, the S&P Posts Its Best Day in a Year, and the Peace Trade Finally Has a Price
Leaders-Laggards
A Relief Rally Built on Headlines, an 11% Oil Spike, and the Longest Losing Streak Finally Snaps