Just a quick heads up that various Wavers have been alerting their followers that a large correction is looming ‘around year end.’ I’ve posted elsewhere, to be careful as early as Dec.
As usual, they are not all on the same page at higher degrees. But most appear to be calling for roughly -20% before a last rally to further new highs before its done. And by “IT”, most think IT is the bull market going back to ’32 (or ’42) or even before.
So its late innings End of Empire stuff.

Locally, I see Europe already losing favor (flows to US), China stalling, Japan uneasy, Brazil ragged. Materials, bioteks are weak. CRE too with yields up again. But banks still strong, NVDA headed for more highs, VOLs still not terribly worried. Junk is still solid. Generals holding the fort, but the periphery is in trouble.

Re gold, my FSG clone (etf – UGL to SSO) has gone nowhere since 2021, meaning gold is up but not relative to SPX. Miners are worse as a group. YMMV. FSG is currently on a fresh VLT sell, so good luck buying dips.