1. Canada Surprises: Building Permits Jump
Canadian building permits came in higher than expected.
No major data is coming from the U.S. today.
Next week, we get Canadian inflation and a flood of U.S. data.
Also — keep in mind — next week is the last busy week of the year.
2. Markets Brace for the Fed & Friday Flows
We got the Fed announcement on Wednesday.
Yesterday, the market rallied, but AI names showed hesitancy.
It’s Friday, and next week is loaded with data.
If you’re making portfolio adjustments, do you do it today, or do you wait?
If investors decide it’s time to take some money off the table, don’t be shocked if we see selling into the close today.
3. Metals Are On Fire — Gold, Silver, Palladium, Platinum
Metals are ripping.
Gold is catching a bid as I write this — shaping up to be a big day.
Silver hovering around $65. (Recording a video on it, will post soon)
Have you looked at palladium and platinum?!
We’re in the vertical stage. These metals can run a lot, but the higher they fly, the nastier the downside. I’m watching my position sizing closely.
4. A K-Shaped America?
The U.S. job market is slowing — we get more data next week.
Consumer sentiment crushed.
Inflation is cooling somewhat.
Big drivers right now: AI spending + government spending.
This could be a K-shaped U.S. economy… until it’s not.
5. USD, Bitcoin, Weed Stocks & Political Noise
For the U.S. Dollar Index (DXY), remember major support around 96.5.
Bitcoin under pressure — struggling to move higher.
Weed stocks soaring on noise about Trump loosening regulations.
Keep an eye on the Canadian AI Strategy.
Also — Mark Carney’s Liberals are just one seat away from a majority. Will it happen before New Year’s? And the big question: how long until Pierre Poilievre gets pushed out as CPC leader?