As a responsible investor, I refuse to ignore strength. That includes stocks making fresh highs. 

Despite what you may have heard from the major cable networks, many stocks aren’t going down. In fact, many fit our definition of "strength."

Out of all the fresh highs coming in, these three bellwethers take the cake…

Freeport-McMoRan

We look at Freeport-McMoRan $FCX as a proxy for Dr. Copper. Both are economic barometers, and both are posting new multi-month highs:

This is a bullish development for global risk assets, including commodities and their related stocks.

As long as FCX trades above 40, our outlook is higher toward 62, with a target of 97 over longer timeframes.  

Newmont Corp.

It seems like everyone is making money in the market these days.

US Stock market investors are crushing it.

Investors in foreign stocks are doing even better!

Heck, even the Gold bugs are getting paid.

I mean, who isn't?

It's the weekly commodity edition of What the FICC?

The major commodity indexes look ready to roll despite sustained strength from precious metals.

Check it out!

From the Desk of Ian Culley @IanCulley

The Bloomberg commodity index $BCOM is breaking down, approaching fresh 52-week lows.

Somehow Gold and Copper didn’t get the memo. They must be too busy printing new highs.

But when we review other major commodity indexes (including our own equal-weight index of 33 individual contracts), they look poised to roll over.

Check out the triple pane chart of the Bloomberg, CRB, and our equal-weight commodity indexes:

It’s interesting to note the differences between these indexes. The weighting structures vary, as do their support levels. But the CRB index and our equal-weight commodity index challenge their 2022 lows while the BCOM has undercut its respective lows. 

It's a new year with new leaders emerging in the market. So what better time to drop in and chat with our friends over on Fox Business about what's going on.

Charles likes my Ratio charts so we took a look at some of those.

But I think the bigger point here is that Gold doesn't have to be this 'End of the world' trade that some make it out to be.

History has proven time and time again that Gold prices can rise, even during bull markets for stocks. And to be clear, Gold prices can also fall along with stocks.

They are not mutually exclusive.

Check out the full clip and let me know what you think!

From the desk of Steve Strazza @Sstrazza

We held our January Monthly Strategy Session Tuesday night. Premium Members can access and rewatch it here.

Non-members can get a quick recap of the call simply by reading this post each month.

By focusing on long-term, monthly charts, the idea is to take a step back and put things into the context of their structural trends. This is easily one of our most valuable exercises as it forces us to put aside the day-to-day noise and simply examine markets from a “big-picture” point of view.

With that as our backdrop, let’s dive right in and discuss three of the most important charts and/or themes from this month’s call.

This is the video recording of our January 3rd Monthly Charts Live Strategy Session

For over a decade, stocks in the United States outperformed Commodities by a long shot.

In fact, Commodities underperformed for so long, that many investors even forgot that they were an asset class.

"Stocks and Bonds JC!", they would tell me.

And I would say, "No kids, it's Stocks, Bonds AND Commodities".

Was 2022 such a hard year in the market like the media keeps telling you?

Or was it just a normal year that was hard, because every year is hard?

I think about this a lot.

From the Desk of Ian Culley @IanCulley

So long, 2022. It’s been real.

With only a few trading hours left in the year, I’m ready to turn the page. I’m sure plenty of you can relate.

In the spirit of looking ahead to a bright and beautiful 2023, I want to share seven of my favorite commodity charts for January.

No grand thesis, just seven potential setups that have my attention heading into the new year.

1. Sugar

Sugar futures print a potential failed breakout after coiling within a tight range since the summer of 2021: The lack of upside follow-through accompanied by a bearish momentum divergence warrants caution.

From the Desk of Ian Culley @IanCulley

Have you checked out our new Gold Report?

We run through nearly 4o charts, breaking down the key levels and intermarket relationships, suggesting Gold could hit 5,000.

In this update, I’m going to share two of my favorite charts. 

Plus, I’ll reveal one mining stock setting up for a buy signal.

First, Gold outside the US presents a very different picture.

Yes, the USD dominates global trade. And yes, we want to witness a break to fresh all-time highs priced in US dollars. But when we look around the world at other major currencies, Gold has already broken out!

This is what Gold looks like when we remove the US dollar bias:

You go on the twitter and all you see are people complaining about what a bad year this is for stocks, how bad the stock market is, recessions, bear markets, the Fed, blah blah blah.

I don't understand. What's everyone so angry about?

Stocks continue to do well. In fact, the back half of this year has been one of the better ones that we've ever seen.

Look how well most sectors have done since the market bottomed in June: