- Markets continue to behave like a long-term secular bull cycle—higher highs, higher lows, and strong breadth. The April pullback retested the 2022 trendline and rebounded sharply. Demographic tailwinds, especially millennial accumulation, mirror the 1980s–1990s bull market environment.
- Europe, Japan, and Canada are outperforming the U.S. as new bull markets are taking shape. Stronger local currencies and stock markets (e.g., EUR, JPY, CAD) are drawing capital back into non-U.S. markets. Barometer continues to build global exposure, now 16–17% in most portfolios.
- Gold, silver, copper, and uranium (e.g., Cameco, Hudbay) are in clear uptrends. Copper surged 12% on tariff speculation and is breaking out of a 15-year base. Commodities are outperforming both bonds and equities—signaling ongoing inflation risks and strong investor interest in real assets.
- Broker-dealers (e.g., Morgan Stanley, Goldman Sachs), global banks (e.g., Santander), and industrials (e.g., GE Vernova, MDA, Embraer) are showing textbook leadership. Capital markets banks are strong, and infrastructure-related names are benefiting from global investment and defense spending.
- Exposure remains focused on cash-generating, dividend-growing tech leaders like Microsoft, Nvidia, and Broadcom. These stocks are outperforming as investors prioritize profitability and resilience over speculative growth. Nvidia and semiconductors have rebounded strongly after April’s selloff.
- Barometer remains underweight rate-sensitive areas like bonds, REITs, healthcare, and utilities. Long-term yields are trending higher globally, and many defensive names show weakening relative strength. Focus remains on sectors with stronger momentum and inflation protection.