Yes, Warsh is talking, but let's not forget that breadth has been improving the past few weeks and a solid 63% of the stocks in the S&P 500 are above their 200-day MA.
This should continue to support the surprise summer rally.
Copper Miners $COPX and the Mexican Peso have done nothing since late January, starting their consolidation the same week silver and gold topped out.
Both are linked to the industrial metals reflation and EM trade, which is in many ways a derivative of the weak dollar trade.
I'm still making the bet they go higher, but they've proven time and again that they may need more consolidation time.
$MXNUSD $DXY
Obsess. For f*ck sakes. You only get one life. Don’t screw it up by being normal. Go all in. Act like a psycho. Let people call you insane. Please. I beg you. Obsession is the path.
In 1979, the thinking was inflation is destroying the stock market. BusinessWeek published the now infamous cover "the death of equities".
Fast forward to 2026, the very same inflation is being touted as the reason to own stocks for the long run (and avoid shorting).
Incidentally, the historic record is very clear - gold is the biggest winner during an era of stagflation.
The '70s also saw the S&P 500 get cut in half as the Nifty Fifty bubble burst. Parallels to the current AI bubble, perhaps?
While my entire Twitter timeline is talking about tonight's gap down in crude oil futures, nobody's talking about what's happening with the curve.
The December crude oil contract is breaking out to new multi-month highs relative to the July contract.
This is NOT BEARISH!!