Everybody’s Wrong

If you want a real read on market health, you have to look beyond the S&P 500 (SPY) and the Nasdaq (QQQ). There’s a whole world happening outside those two tickers. And if you’re only staring at a couple of…

One of the questions I get most often – and one I think about a lot – is this: What would the market actually have to do for us to get more defensive? We’ve spent most of this cycle looking…

Risk-on assets are rising. Risk-off assets can’t keep up. That’s exactly what you see in healthy bull markets. The S&P 500 High Beta Index just closed at new all-time highs. Nearly half of it is Tech, with big help from…

Founder’s Note: When it comes to commodities and cycles, Senior Analyst Jason Perz knows what he’s talking about. He understands the data. And he processes it like nobody else I know.  Here’s Jason with some more value-adding perspective on what’s…

Nobody wants to own Regional Banks. We can see it in the data. Short interest in the Regional Banks ETF (KRE) is at its highest level ever. And you’re not going to believe this… but I think everybody’s wrong. Every…

The American consumer is a powerful beast. My fundamental friends love reminding me that consumer spending makes up roughly 70% of U.S. GDP. I still don’t know what a GDP is, but 70% of anything sounds like a big deal.…

We call this daily note Everybody’s Wrong for a reason: There’s always a crowd leaning the wrong way. And as investors, our only job is to recognize those dislocations and profit from them. This summer, when small-cap short interest hit…

The weight of the evidence in small caps keeps pointing in the same direction: higher. The Russell 2000 just posted its third straight monthly close at new all-time highs, and when you break it down sector by sector, the underlying…