To The Moon

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... $S&P 500(.SPX)$ $Amgen(AMGN)$ $Apple(AAPL)$ $Paychex(PAYX)$ $Home Depot(HD)$ $Progressive(PGR)$ $Williams-Sonoma(WSM)$ $Stryker(SYK)$

1.Monetary Tailwinds & Commodity Prices.We’re seeing the amassing of major monetary tailwinds heading into 2026.Historically this kind of shift to easing has lit a fire under commodities.(and ultimately: inflation) 2.Follow the Leader...Gold has blazed the path, commodity catch-up comes next.Here's why we need to prepare for a new cyclical bull market in commodities: 3.Shortage of growth stocks?(and glut of value stocks 🤔 )p.s. the latest figures (28 Dec 2025) are Growth Stocks: 396, Value Stocks: 876. 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 &am

1.2025 saw a *spectacular* surge in ETF launches...This chart is basically a gauge of speculation and risk appetite.As with many sentiment type indicators, you have a better time in the stock market when it’s troughed and turning up vs surging and climaxing after an extended run. 2.Beware of "obvious"!! 🚨 ⚠️ The ironic thing in markets is that once you have all the evidence, once everyone agrees, once the theme becomes obvious...It's almost always *obviously wrong*case in point 👇 (global equities, esp. Europe & Emerging Markets, handily outperformed US equities this year) 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.One of the biggest surprises (for most people) was how well Global ex-US Equities did this year.(both absolute + relative to US)And arguably still room to run...2.Burgeoning Bear...They say: "If in doubt, just zoom out." And in zooming out for the US dollar, the pattern of price action becomes clear; it looks like a bear.3.Global commodity stocks undertook a major breakout this year.(and they're likely just beginning...) 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 Boos