1. Canada Is Suddenly Looking Interesting
Canadian inflation comes in a little bit higher than expected, with gasoline prices skewing the data a bit.
Bond yields reacted a little bit, but nothing too crazy or eye-popping.
But the Canadian dollar is strengthening against the U.S. dollar.
Also, Canada is looking like a hot investment these days. Foreigners bought $175 billion worth of Canadian debt in the first half of 2026.
2. War One Day, Peace the Next
Iran is saying it’s shifting its strategy from defensive to offensive.
Meanwhile, President Trump is threatening to bomb Oman (an ally that is negotiating some sort of deal with Iran) if they decide to come in between.
Oil remains elevated but isn’t reacting as much. Very noisy out there.
Peace one day, war the other. This sort of uncertainty isn’t good whatsoever.
3. “Nothing Can Go Wrong” Is Getting Dangerous
The VIX is around 15. The fear index is saying there’s really no fear out there.
There’s noise about how 10,000 on the S&P 500 isn’t an unprecedented target anymore.
“Nothing can go wrong” is embedded in the market. CAPEX will apparently save everything.
The stock market is getting into late-stage optimism and early-stage euphoria. This can last for a while, but the wisest thing would be to have protection (stops) in place just in case.
Remember, you make money by trading the direction of the market, but history has shown that when euphoria enters, trends eventually break.
4. Gold Still Looks Interesting
Gold continues to be a decent tactical long for the near term, at least. (Not a recommendation. This is how we are looking at it.)
Charts look supportive, and there are also some fundamental reasons why gold is catching a bid.
But could it go to $6,000 this year again? Hard to see it. There’s not much gas in it at the moment. If you’re a long-term investor, you don’t want a rapid move to the upside.
Look, in case of some sort of liquidity event, gold will sell off very hard too. So, our view is that the lower it goes at that time, if it happens, the better opportunity it will become.
5. Bitcoin Is Losing Momentum
Bitcoin is below its 50-day moving average and testing it from the bottom. If it finds sellers, there could be a decent move lower.
Still no news about copper.
Chip stocks are trying to move higher.
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