Chart of the Day This is Michael Howell and Global Liquidity Index... What do you notice? The U.S. is at the top... China is just... getting... started... In typical cycles, after these tops, U.S. investors would typically shift to defensives (XLP), while speculation builds in metals and materials... Meanwhile, China pumps and benefits... Metals. That copper chart since August is stunning. There is a lot of volatility ahead. But there's good reason to keep with momentum on SCCO and MLI moving forward with hard stops at key moving averages.
Published Jan 07, 2026Updated Jan 07, 20262 min read
Chart of the Day This is Michael Howell and Global Liquidity Index... What do you notice? The U.S. is at the top... China is just... getting... started... In typical cycles, after these tops, U.S. investors would typically shift to defensives (XLP), while speculation builds in metals and materials... Meanwhile, China pumps and benefits... Metals. That copper chart since August is stunning. There is a lot of volatility ahead. But there's good reason to keep with momentum on SCCO and MLI moving forward with hard stops at key moving averages.
