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The year 2026 has been very simply constructed from a trading perspective: Q1 was fantastic for the bears, whereas Q2 was fantastic for the bulls. The first half of the year – – H1, if you’re one of the cool kids – – has generally sucked out loud for the bears, since we closed at lifetime highs pretty much across the board. Here are some highlights for June, compiled by my tasty friend Tom Preston:
Here’s the long-term chart of the leveraged bullish instrument based on South Korea, KORU. I’d say this sucker looks ready to fall and fall hard.
In this Everything Bubble nightmare we’ve been living through since March 9, 2009, assets continue to vault to lifetime highs each and every day with one notable exception: crypto.
At long last, the crypto creeps have been shamed into oblivion, and while most of these “coins” are ultimately heading for $0, there’s already been substantial progress in that direction with even the bluest of the blue chips, Bitcoin, losing well more than half of its value in a matter of months.
This is the third week that SpaceX has traded, and it isn’t doing at all badly. It is exceptionally richly-valued as a company, and although it is 25% lower than its IPO peak, it is still well above the $135 offering price and has launched nicely off the base at $150 it established last week.
Excerpted from this week’s edition of Notes From the Rabbit Hole, NFTRH 921:
A hybrid “macro/sector fundamental” for gold stocks is the Gold/RINF (inflation expectations) ratio. HUI (yellow) leveraged the Gold/RINF ratio as it should have, during the 2025 rally.
Here we again pound the table on this: Gold miners leverage gold’s counter-cyclicality and the disinflationary winds that blow during a counter-cycle (with gold rising vs. mining cost inputs and inflation signals). Since modern economies are built on inflationary policy, the miners NEGATIVELY leverage cyclical inflation. As always, I would tune out anyone insisting you buy gold stocks for inflation protection. They are out there.
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