Good Thursday morning. Now, that’s more like it. Yesterday’s tariff-pausing blast higher sent US markets to their 3rd largest gains since WW2, with the hardest hit areas jumping the most. The S&P 500 was up 9.5%, small caps (R2K) up 8.5%, Nasdaq rose 12%, the semis (SMH) jumped 17% and Tesla soared 23%. Of note, TSLA put in a bullish engulfing pattern, a pattern that indicates a bullish reversal. 

And these readings were stunning; NYSE up-volume was 98.5%, with 93.4% of stocks higher on the day. Unfortunately, yesterday’s trading had the hallmark of a bear market rally. Over the last 100 years, the most impressive single-day performances have come in short-covering, bear market bounce-backs.

Gold jumped $110/oz and is 2% higher again this morning ($3142/oz).  The amount of buying coming into gold has never been seen before…not even close...nor the amount that’s going into private storage. That’s a big tell. Since 2000, Gold has trounced the S&P 500 by 2.5 times. Over the ...