Gold and oil just had their most violent disagreement in years. That's not noise. Gold ripping to near all-time highs. Oil crashing 12.5% in a single session. The gold/oil ratio just spiked to levels you only see before recessions. One is pricing persistent inflation. The other is pricing demand falling off a cliff. Both can be right. That's called stagflation. $BTC up 2% and tracking gold, not equities. Digital gold thesis quietly winning while nobody's watching. Equities still sitting in greed at 63 on Fear and Greed. Bonds already agree with oil. Yields falling to 4.23%. Stocks haven't gotten the memo yet. Retail Sales Tuesday. PMIs Thursday. If consumer data confirms what oil is screaming, I think SPY catches down to 701.66-690 over the next two weeks. Commodities price the future before equities do. Every time. What side are you on?
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