Remember when they told you Gold was a hedge against inflation?
It wasn't.
Remember when they told you Gold was a safe haven asset?
It wasn't.
Remember all those times the Gold bugs made up fairy tales about future price appreciation for their rocks?
It never happened.
And so here we are. Well over a decade later, Gold prices are actually still down 6% from their 2011 highs. Silver is somehow still down over 50% from those highs.
Think about the opportunity cost of owning precious metals instead of pretty much anything else.
It's the weekly commodity edition of What the FICC?
Not only are commodities losing their leaders, but the leaders are losing their former 2018 highs. As bearish as this sounds, commodities still deserve the benefit of the doubt.
Heating oil futures just posted their lowest level since February. Meanwhile, gasoline and crude have printed fresh year-to-date lows, taking out their prior cycle highs.
Now what?
Should we expect broad selling pressure to hit the commodity space?
Not so fast…
If you believe impending weakness awaits commodities in the coming weeks and months, this chart is for you: our energy index overlaid with our broad commodity index (both equal-weight):
Energy contracts have led the way higher while relinquishing far less than the broader index – until now.
It’s a logical assumption that commodities as a whole will fall without the participation of the leadership group. But the EW33 index has yet to break...
The NASDAQ 100 peaked over a year ago. Its 1-year return dipped into negative territory in April and has been there ever since.
Why It Matters: The NASDAQ 100 has spent more time underwater (on a trailing 1-year basis) over the past 160 days than it did in the entire time going back to 2010. After a decade of sustained strength and limited duration downturns, investors who are sticking with their growth biases must deal with a challenging new reality. Those who are locked into one asset class (e.g. stocks over bonds or commodities) or one style (growth over value) or one region (US over the rest of the world) are seeing previously sustained trends move against them. Adaptability across asset class, style and region is likely to be a critical component of investing success as we move into 2023 and beyond. Keep the trend your friend.
From the desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts
Our International Hall of Famers list is composed of the 100 largest US-listed international stocks, or ADRs.
We’ve also sprinkled in some of the largest ADRs from countries that did not make the market cap cut.
These stocks range from some well-known mega-cap multinationals such as Toyota Motor and Royal Dutch Shell to some large-cap global disruptors such as Sea Ltd and Shopify.
It’s got all the big names and more--but only those that are based outside the US. You can find all the largest US stocks on our original Hall of Famers list.
The beauty of these scans is really in their simplicity.
We take the largest names each week and then apply technical filters in a way that the strongest stocks with the most momentum rise to the top.
Based on the market environment, we can also flip the scan on its head and filter for weakness.
Let’s dive in and take a look at some of the most important stocks from around the world.