TPR: Applying The Perennial Strategy
Tapestry (TPR) – the maker of Coach and Kate Spade purses for women – reported 4QFY26 earnings this morning. While the numbers looked good to me, the market has sent shares down 17% at the open. This gives us an…
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The Contradiction at the Heart of the Market
Let’s start with some context. The current bull market is being driven by optimism about Artificial Intelligence (AI). The premise is that AI will radically improve economic productivity resulting in a massive economic boom. It began on the afternoon of…
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The Market Is Cracking
The S&P 500 closed just 9 points above its 200 DMA on Wednesday – a level it hasn’t traded below since mid-May 2025. The Magnificent 7 that have led this bull market since October 2022 are -8.73% YTD. The Equal…
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Beneath The Surface The Market Is Showing Signs Of A Top
While the S&P is only about 2% off its all time highs, beneath the surface the market is showing signs of a top. Warren Pies tweeted today that there have only been two other times when Consumer Staples and Energy…
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Rotation Will Shortly Turn Into Distribution As A New Bear Market Begins
The market got the benign January CPI Report this morning at 5:30am EST that it needed with Core CPI increasing 0.295% compared to the previous month according to Nick Timiraos – below the median forecast of 0.34%. But while the…
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Data Center REITs Are A Conservative Way To Play AI
The WSJ’s Dan Gallagher wrote an excellent overview of the recent tech stock market on Tuesday (“Picks and Shovels Still Rule The AI Tech Trade” [SUBSCRIPTION REQUIRED]): Investors are choosing the companies on the receiving end of big tech’s spending…
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Hard Assets > Digital Assets: Understanding The New Macro Regime
For more than 15 years, the best strategy which would have made you a fortune was simply to buy and hold The Magnificent 7. It was that easy. My premise is that that regime is now over and we are…
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Beneath The Surface The Market Is Rotating Toward Defensive Names; A Regime Change May Be At Hand
There is something interesting happening beneath the surface in the market right now. While the S&P is on the verge of making new all time highs above 7,000, the stocks that are really working are defensive in nature. The S&P…
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Betting On A Countertrend Move In The Dollar and Related Intermarket Moves
The precious metals – especially silver – have gotten overly extended to the upside while the dollar seems due for a countertrend rally. SLV closed 144% above its 200 day moving average on Wednesday as massive amounts of funds flow…
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The State Of The Market: Can The S&P Keep Going Up Without Tech Participation?
There’s something interesting happening in the market that I don’t hear many people talking about. While the S&P 500 has broken out to new highs in recent days, it is being driven by the “soldiers” not the mega cap tech…
