The 10-day moving average of the CBOE Equity Put/Call Ratio has climbed to levels we last saw in April—back when the S&P 500 was bottoming. What’s notable today is the context: in April, this level of put buying occurred with the S&P down nearly 20%. This time, the index sits less than 4% below all-time […]
The S&P 500 crossed above its 50-day moving average on May 1st and stayed there until yesterday—200 calender days in total. If that sounds like a long run, it is. This marks the 5th-longest streak above the 50-DMA since 1950, and the longest since 2007. So what typically happens next?Historically, forward performance after long momentum […]
After its recent rally, many investors see silver as overextended — but a longer-term view paints a more nuanced picture. Looking at monthly data since 1973, silver has traded above its 10-month moving average nine times at levels higher than today. In three of those instances, the move stalled near current readings, while six saw […]
How Many Grains of Sand in a Pile? 2025 has been filled with multiple news stories downplaying ‘small’ private credit implosions and celebrations of the genius that AI brings to the US marketplace. While there were multiple little [$100-$200M] blowups that impacted major banks such as JP Morgan, Barclays and Fifth Third, there are three […]