To The Moon

1.Tech & Tech $The Technology Select Sector SPDR Premium Income Fund(XLKI)$ related sectors' Capex has gone from around 25% to 50% of total S&P500 $S&P 500(.SPX)$ corporate capex over the past decade.Boom, bubble, or new paradigm? 2.Black line playing catch-up...Gold $Gold - main 2602(GCmain)$ firmly outperforming virtually every other asset ---what's the end-game here?? 3.Gold is overvalued, and so are tech stocks $Invesco QQQ(QQQ)$ . For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

1.Commercial Real Estate: big reset.In real inflation-adjusted terms, the CRE downturn has been substantial (-30%) and drawn-out (almost 4 years since peak to initial trough). Some might say that’s “enough”. (…downturn done?) 2.One of the biggest themes in markets last year was the Global Equities catch-up trade.We saw major upward re-rating of valuations across developed, emerging, and frontier markets.And there is still plenty of room to run... For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility NowFind out more here.Compl

1.Surging semiconductors $VanEck Semiconductor ETF(SMH)$ : the big beneficiary of the AI hype bubble has been semiconductor stocks – with that sector’s market cap weight far eclipsing levels seen during the dot com boom. Is it the new normal, or just another cycle of boom and b...? 2. $S&P 500(.SPX)$ Surveyed Sentiment: summing the various surveys, sentiment is getting fairly bullish. This is not necessarily an impending bearish signal as it reflects the bullish momentum underway, and I would highlight that sentiment generally works better at picking bottoms than tops. But it does got to show that most minds are made-up… and if the right(/wrong) thing came along, those minds could change pretty quickly

1.Global Equities have been surging -- and here's one of a few key reasons why 👇 Globally we've seen a big pivot to easing by central banks, and basically what I would call a non-recessionary rate-cut-rush.(bullish!) 2.Absolutely catastrophic run in energy stocks vs gold miners...(but you always want to pay attention when extreme moves like this unfold e.g. see what happened last time a move like this occurred) $S&P 500(.SPX)$ $Gold - main 2602(GCmain)$ 3.We’ve seen a generational up-shift in US equity allocations and valuations. It would be difficult to see either of these lines move further higher, the best case is probably just a new higher plateau… For SG users only, Welcome to open a CBA toda

For those who are wondering what’s behind the moves in the chart above, or for those who may be skeptical on technicals, this next chart provides some critical context on what has been a major driver of the global equity bull market.Aside from global stocks coming off of very cheap valuations (vs their own history and vs US), we have seen a major pivot in global macroeconomic policy settings.Heading into 2025 there was already a shift towards easing, and then the chaos of H1 (tariff tantrum) triggered a wave of precautionary stimulus in response. This along with a weakening US dollar, rotation flows, and improving macro/earnings pulse has given a firm macro-fundamental backing to the technical developments which I laid out above. This is where you see the most interesting moves in markets:

1.Stocks & Gold are ExpensiveBonds & Commodities are CheapSo far it's shaping up to be a good year for commodities...But there's a few things to keep an eye on: 2.Investor allocations to bonds are at a 20-year low......and more to the point, they are at similar levels to where they got at the peak of the dot-com bubble and just prior to the global financial crisis.Yes, this is a contrarian signal.Got bonds? For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility NowFind out more here.Complete your first Cash Boost Accou

1.It's not-dot-com...But, there are are a few indicators that look *very* similar.Tech is extremely Expensive vs the rest of the market, and Defensives are extremely Cheap vs the rest of the market.And yeah, as they say, valuation signals aren't great for timing (...unless they get extreme). $S&P 500(.SPX)$ $Invesco QQQ(QQQ)$ 2.Copper/Gold RatioRotation time?(key theme for commodities, but also important macro implications if that black line begins to sustainably rise) $Gold - main 2602(GCmain)$ $Copper - main 2603(HGmain)$ 3.Commodities' Relative Strength-Gold is stretched to the upside-Crude Oil stretched to

1.Rich Wealth vs Poor Wealth 🤔 The wealthiest Americans have most of their assets in corporate equity.Mass-affluent upper-middle own stocks/funds and property.Lower half; it's mostly houses & things.What does this tell you? 2.With great Metal prices comes great stock prices for Miners!(which is a good reminder that one doesn’t necessarily need to invest in the commodities themselves, as the commodity producers’ stock prices have a habit of traveling in the same direction as the commodity prices...) 3.Big Beautiful Breakout in Base Metals.Very bullish development by itself...But also arguably an important macro signal of a stronger global economy heading into 2026. For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited tradi

1.While the Stockmarket is booming, Economic Confidence is glooming...The bullish take:-scope for more rate cuts-room to move to the upside-(and) better earnings for ex-tech? 2.What do Commodity prices and the Global Economy have in common?Both have been on an improving path since the near-miss global recession scare in 2022/23.ANDBoth see a bright outlook in 2026 3.LatAm Equities Big BreakoutAre we on the cusp of a golden decade for Latin America? For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility NowFind out more here.Com

1.The Worst of the BestThis table shows drawdown stats for some of the best performing stocks of our times. It goes to show that not only do you have to pick the right stock, but you have to be able to hold-on and navigate through sometimes catastrophic (and drawn-out) declines during the process... $S&P 500(.SPX)$ $Amgen(AMGN)$ $Apple(AAPL)$ $Paychex(PAYX)$ $Home Depot(HD)$ $Progressive(PGR)$ $Williams-Sonoma(WSM)$ $Stryker(SYK)$