Market Performance Framework

Volatility Corner Framework

1. Indicator Update:

   • Volatility condition did a 180. Things have changed.

2. Technical Context:

   • The massive drop in the turbulence indicator lets me know to be more cautious. I’ll watch and see, expecting the biggest up days to happen in BEAR markets. So I’ll be on the sidelines for most of the massive bull market moves in US indexes.

3. Risk Assessment:

   • Risk has increased. There is a good reason to reduce holdings of equities and look for up-trends in macro.

4. Historical Parallels:

   • The last time we had a move like this it was the end of 2021 into the bear market of 2022. Notice the similarities?

5. Actionable Insight:

   • Caution is advised until we see a clear indication of a bull market from the turbulence indicator. Things have changed.

MACRO INDICATOR:

• MACRO SEASON: BEARISH Since 3/7/25🛑

• MICRO WEATHER: BEARISH Since 2/21/25🛑

New Highs $5-$20:

1. OR – Osisko Gold Royalties Ltd – Basic Materials – Canada 🇨🇦

2. AGI – Alamos Gold Inc – Basic Materials – Canada 🇨🇦

3. PHYS – Sprott Physical Gold Trust – Financial – Canada 🇨🇦

4. GFI – Gold Fields Ltd ADR – Basic Materials – South Africa 🇿🇦

5. GRPN – Groupon Inc – Communication Services – USA 🇺🇸

6. ALHC – Alignment Healthcare Inc – Healthcare – USA 🇺🇸

7. SPNT – SiriusPoint Ltd – Financial – Bermuda 🇧🇲

8. KGC – Kinross Gold Corp – Basic Materials – Canada 🇨🇦

9. SSRM – SSR Mining Inc – Basic Materials – USA 🇺🇸

10. SAND – Sandstorm Gold Ltd – Basic Materials – Canada 🇨🇦

OR – Osisko Gold Royalties Ltd – Basic Materials – Canada 🇨🇦

AGI – Alamos Gold Inc – Basic Materials – Canada 🇨🇦

PHYS – Sprott Physical Gold Trust – Financial – Canada 🇨🇦

GFI – Gold Fields Ltd ADR – Basic Materials – South Africa 🇿🇦

GRPN – Groupon Inc – Communication Services – USA 🇺🇸

ALHC – Alignment Healthcare Inc – Healthcare – USA 🇺🇸

SPNT – SiriusPoint Ltd – Financial – Bermuda 🇧🇲

KGC – Kinross Gold Corp – Basic Materials – Canada 🇨🇦

SSRM – SSR Mining Inc – Basic Materials – USA 🇺🇸

SAND – Sandstorm Gold Ltd – Basic Materials – Canada 🇨🇦

New Highs $20+:

1. T – AT&T Inc – Communication Services – USA 🇺🇸

2. MCK – McKesson Corporation – Healthcare – USA 🇺🇸

3. GLD – SPDR Gold Shares ETF – Financial – USA 🇺🇸

4. RGLD – Royal Gold, Inc – Basic Materials – USA 🇺🇸

5. THG – Hanover Insurance Group Inc – Financial – USA 🇺🇸

6. HCI – HCI Group Inc – Financial – USA 🇺🇸

7. CAH – Cardinal Health, Inc – Healthcare – USA 🇺🇸

8. WPM – Wheaton Precious Metals Corp – Basic Materials – Canada 🇨🇦

9. GLDM – SPDR Gold MiniShares Trust – Financial – USA 🇺🇸

10. CNP – CenterPoint Energy Inc – Utilities – USA 🇺🇸

T – AT&T Inc – Communication Services – USA 🇺🇸

MCK – McKesson Corporation – Healthcare – USA 🇺🇸

GLD – SPDR Gold Shares ETF – Financial – USA 🇺🇸

RGLD – Royal Gold, Inc – Basic Materials – USA 🇺🇸

THG – Hanover Insurance Group Inc – Financial – USA 🇺🇸

HCI – HCI Group Inc – Financial – USA 🇺🇸

CAH – Cardinal Health, Inc – Healthcare – USA 🇺🇸

WPM – Wheaton Precious Metals Corp – Basic Materials – Canada 🇨🇦

GLDM – SPDR Gold MiniShares Trust – Financial – USA 🇺🇸

CNP – CenterPoint Energy Inc – Utilities – USA 🇺🇸

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