The opportunity in draw-downs.

Last week:

• “We prefer to lean against the current overwhelming negative consensus…”

• XLE>XOP

• KWEB>SPY

• SLV>GLD

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We STILL prefer to lean against the current consensus. The market narrative WILL TRANSITION from “inflation worries” to “growth concerns”. Use draw-downs as opportunities.

Trading one asset class is trading blind.

Big breakout, but expect the S&P outperform KWEB in the short-term.

The trend is still higher in yields and XLE.

Equal Weight S&P continuing to make new highs.

In bear markets, XLE almost always outperforms XOP.

Last week’s watch-list made new relative highs. Rare earth and lithium miners. BHP +6.43% last week alone

Return always wants its risk payment. NOT INVESTMENT ADVICE.