MELT-UP.

Animal Spirits and the NEXT Big Move — one of THE best setups of the year (continued).

August is rewarding disciplined, contrarian-minded investors.

Hard assets are leading global markets higher…

We came into August with a clear objective:

✅ “This could be one of THE most important setups of the year.”

✅ “Getting this right could turn a good year into an excellent one.”

Now we are seeing EXACTLY what this means:

✅ Gold and Gold Miners just posted one of their best rallies in decades.

✅ Bitcoin had one of its best weeks in history — previously seen coming out of major bottoms, and at the start of new Bull Markets.

*Historically, BTC nearly doubled *after* similar signals.

And Bitcoin’s reaction this week was textbook, coming from one of the most extreme coils in its history…

What’s happening here, and what are the implications for investors?

Today, I want to take a short detour from our usual format, and take the opportunity to explore (1) the signals I’m thinking about, and (2) where we might be in the liquidity cycle.

Are we in a melt-up and resurgence of animal spirits?

Is liquidity improving, and what is the path of least resistance?

I want to pay attention to new leaders: particularly in Health Care, Materials, Rates-sensitives, and Cyclicals.

We have core exposure in these, and there’s room to add more.

As I said last week: I think the opportunity set is expanding.

This week certainly set the tone for what may be ahead.

Next, as we enter the final week of August:

NVDA will report earnings, and the Fed will host its annual Jackson Hole gathering.

Let’s see how they close this (already historic) month…

Have a great week!

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HARD ASSET MELT-UP

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