Leaders-Laggards
Tech Crosses Three Sigma While Gold Breaks: The Streak Turns Ten
Tech crosses +3 sigma, gold breaks to a two-month low, credit confirms at +1.64 sigma, and utilities log a tenth straight negative week.
Leaders-Laggards
Leaders-Laggards
Tech Extremes as the Fed Hikes: XLK/SPY Hits +2.65 Sigma, Framework Streak Reaches Week 6, Credit Holds
XLK/SPY at +2.65 sigma, XLU/SPY at -3.01 in Week 6 of the deeply broken framework, credit confirms risk appetite as the Fed hikes into tech strength
Leaders-Laggards
Reflation Just Died at Extreme: Lumber/Gold Cracks -2.16 Z-Score, Industrials Break, Framework Check Deepens Week 5
First Lumber/Gold Extreme reading in 3 years. XLI CRASHED to Significant Laggard. Gold Notable Leader. Late-cycle rotation widening.
Weekly
Rally Broadens Slightly: XLE Confirms Week 4 Leadership, GLD Flips Back to Leader, XLU Framework Check Deeply Broken
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's First Strike: Hawkish Hold Sends EEM and Russell To Extremes, Energy Goes From Hero To Worst Performer
Warsh Kills Cuts; EEM +1.81σ Extreme; Russell +2.03%; XLE -5.86% Worst Sector; Lumber/Gold +8.11%; Credit Diverging Now
Leaders-Laggards
Streak Broken: Hot Jobs Print Kills Tech, Iran Strikes Revive Energy, AI Rotation Begins
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
Nine-Week Streak: NVDA Blowout, Iran Ceasefire Hopes Collapse Oil, Tech Roars To New Highs
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
Markets Price 70% Odds Of A Rate HIKE, Yet S&P Runs An Eighth Straight Up-Week
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
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
Leaders-Laggards
Intel's Comeback, the Semis ATH, and Tech Stands Alone
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
Ceasefire Extended, Gold Breaks, and the Rotation Gets Messy
Trump Extends Truce Indefinitely, GLD Prints a Gravestone Doji, Oil Whipsaws Between $90 and $93, and the Tech Leader Holds While
Leaders-Laggards
All-Time Highs and the Tech Inflection
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