Weekly Update

2026 Delivers Key Sector Divergences

By

Published February 20, 2026

 

The stock market so far in 2026 has shown us a couple of themes: 1) continuing investor preference for non-U.S. stocks, 2) investor preference for “late-cycle” sectors over growth-oriented sectors (shown in chart below).

(more…)

Weekly Update

The AI Scare Trade

By

Published February 13, 2026

AI and its huge demand for data center construction have driven U.S. stock markets the past couple of years. However investors have recently begun looking at the potential downside effects of AI. This has resulted in a massive sell off that began with the software sector and, in recent days, has radiated out into a wider swath of the market. (more…)

Weekly Update

Selling Tech

By

Published February 6, 2026

 

The largest companies in the stock market issued earnings reports this week. Some member of the Magnificent 7 components saw investors heading for the exits after seemingly strong earnings and revenue gains. What gives? (more…)

Weekly Update

A Surprising Area of Weakness

By

Published January 30, 2026

 

 

One of the projected victims of AI is the land of software. Investors believe, perhaps incorrectly, that AI will make large-scale software platforms unnecessary. Who needs a large HR software package when an AI bot can replicate the functionality at a fraction of the cost? So the theory goes. (more…)

Weekly Update

How High Can Gold Go?

By

Published January 23, 2026

 

Over the past couple of years, the gold trade has been, well, absolutely golden. One reason for the meteoric rise of the precious metal has been a shift in attitude toward U.S. Treasury bonds. (more…)

Weekly Update

A Shifting Market Worries About AI

By

Published January 16, 2026

 

Thus far in 2026, we have seen a substantial rotation in the stock market. Investors have been moving out of the long-time leading Mag 7 stocks and into cyclical materials and industrials sectors. This comes as the immense AI data center spending announced by the Mag 7 companies turns to the actual building out of the facilities. (more…)