We've adjusted a position in the Paid-to-Play portfolio today:

From the Desk of Ian Culley @IanCulley

The US dollar is approaching a slippery slope. 

And few markets embrace a falling dollar quite like precious metals.

Yet gold’s response to a weakening dollar so far has been subdued, perhaps due to elevated real yields.

But gold’s crazy cousin, silver, has enjoyed quite the boost…

Here’s silver reclaiming a critical seven-month polarity zone:

While gold rose 1.6% last week, silver ripped more than 8% – hence the “crazy” descriptor. 

Silver’s explosive gains highlight a crucial takeaway aside from its high-beta status: investor willingness to accept greater risk in precious metals.

Notice gold futures and the silver-to-gold ratio tend to track one another:

Silver outperforming gold represents a healthy risk-on development that supports higher gold prices.

The silver-to-gold ratio led off the bottom last fall… and gold followed, climbing 28% to its May high.

On the flip side, the ratio failed to post a higher high this spring as gold retested an area of overhead supply (and all-time highs).

The silver-to-gold ratio’s bearish divergence...

Today’s Hot Corner list is a short one.

The CEO of Calavo Growers $CVGW reported a purchase of 75,000 shares, equivalent to $2,275,500.

From the Desk of Kimmy Sokoloff

We saw decent reversals in a lot of names on Friday. I would think it was warranted, as a lot of names are extended.

I'll watch $SPY to see if it stays below the 449.60 level.

It's hard for me to have a conversation about the stock market without bringing up what's happening in bonds.

Think about it like this, the market cap of all US Stocks is somewhere around $40 Trillion. For the bond market it's over $120 Trillion.

Volatility in bonds tends to trickle down to other asset classes, especially stocks.

US Stocks really got going in the 4th quarter last year, once the US 10-year Note stopped falling in price.

I don't believe that was a coincidence.

But at this point, Large Speculators have on their most aggressive short position in bonds ever.

So in other words, what is historically the "dumb money", particularly at turning points, are betting more aggressively than ever that bond prices are going to fall and rates will now continue higher:

I’m traveling throughout Southeast Asia — to eight different countries — with my All Star Charts analyst Steve Strazza, giving presentations at local Chartered Market Technicians (CMT) Association events, meeting local traders, enjoying native cuisines, and just marveling about the similarities we traders from different corners of the world all share.

So for the rest of the month of July, I’m going to cut the preamble and get right to the action for you guys.

As such, here’s the trade I’ll be putting on today:

This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.

From the desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts

Our Hall of Famers list is composed of the 150 largest US-based stocks.

These stocks range from the mega-cap growth behemoths like Apple and Microsoft – with market caps in excess of $2T – to some of the new-age large-cap disruptors such as Moderna, Square, and Snap.

It has all the big names and more.

It doesn’t include ADRs or any stock not domiciled in the US. But don’t worry; we developed a separate universe for that which you can check out here.

The Hall of Famers is simple.

We take our list of 150 names and then apply our technical filters so the strongest stocks with the most momentum rise to the top.

Let’s dive right in and check out what these big boys are up to.

Here’s this week’s list:

Click table to enlarge view

We filter out any laggards that are down -5% or more relative to the S&P 500 over the trailing...

From the Desk of Ian Culley @IanCulley

Commodities love the falling dollar.

Crude oil is breaking to multi-month highs. Copper is approaching the 4-dollar level. And Silver is ripping!

I’ll have more on the precious metals front Monday with your weekly Gold Rush.

Today, I’m focusing on the grain and livestock markets. The dropping dollar has helped line up a long list of fresh trade ideas: potential failed breakouts, possible failed breakdowns, and critical levels to trade against…

Let’s get to it!

First up – It’s corn!

Corn – Failed Breakdown?

We might have a failed breakdown on our hands…

Corn futures broke down to their lowest level since early 2021 only to quickly reverse higher.

Check out the Dec. contract:

I like giving Dec....

From the Desk of Kimmy Sokoloff

That was a nice pop for the market this morning, and then a quick fade up until lunch time.

Consolidation would be healthy.

We've adjusted a position in the Paid-to-Play portfolio today:

Today’s Hot Corner list is a short one.

Mubadala Investment Company, a sovereign wealth fund of the United Arab Emirates, filed a 13D for NextDecade Corporation $NEXT revealing an initial stake of 9.00%.