Our read on the market landscape and where positioning stands, delivered to your inbox.
Written every weekend, the report covers the stories of the week and which way the Smart Money is leaning, with a focus on positioning rather than daily noise.
The week in one paragraph: what mattered and why.
Where equities, the dollar, and precious metals stand.
The moves that defined the week, with the drivers behind them.
The data releases and events worth watching next.
How institutions and the crowd are positioned in equities, the dollar, metals and bonds.
Where we come down on the narratives we’re weighing.
A full section of relative-sentiment charts and tables for each market, for readers who want the detail behind the positioning read.
A running record of the report, week by week. Here are the three most recent issues.
Democrats’ midterm sweep puts the AI build-out in question and the Nasdaq has its worst day since 2020, while oil slides and gold and silver relative sentiment turn bullish.
Read the issue →Hyperscaler earnings split on free cash flow, the Fed holds with two dissents in favor of a hike, and positioning still leans toward tech.
Read the issue →Meta’s spending plans shake megacap tech, but we don’t think the bear has started yet. Also: the Fed, oil, and a setup forming in precious metals.
Read the issue →If you’d prefer full access to the Engine behind it, that’s our outsourced-CIO practice. If you’d rather own our approach in a fund, that’s our ETF.
Outsourced CIO → the research applied to your practice, with full access to our analytical engine.
Our ETF → our relative-sentiment approach in one tax-efficient fund.
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See how the Smart Money is positioned and where we come down.
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