The US dollar broke out to a new 52-week high today

1. Hikes vs. cuts. "Markets entered 2026 expecting interest-rate cuts ... attention has recently shifted to the prospect of monetary tightening. Not only is inflation stuck above target, but labour markets have proved a lot more resilient than the authorities feared."

2. DXY. The US dollar broke out to a new 52-week high today.

3. Gold seasonality. "Only a week left in this normal digestive phase for Gold."

4. 2026 Tech vs. 2000 Tech. "Tech price and forward PE leading into today vs the tech bubble. Two very different pictures."

5. Analysts optimism. "Since March 31, the percentage of Buy ratings on S&P 500 companies has increased to 59.4% ... if 59.4% is the final percentage of Buy ratings for the month, it will mark with second-highest (month-end) percentage of Buy ratings going back to at least 2010, trailing only the previous month (59.5%)."

ICYMI