Housekeeping: Good Afternoon
Hartnett’s Weekly report is presented 3 ways. The Video walk-through is above, his main points broken are out below, and the original format is at bottom. Enjoy.
Hartnett’s Flow Show: The Hard Hedge
Gold in early secular bull… alternative to US dollar, like crypto = hedge against “bear market in institutional trust”.
Michael Hartnett
Scores on the Doors:
crypto 33.5%, gold 15.0%, oil 10.8%, stocks 10.2%, commodities 9.9%, US dollar 3.1%, HY bonds 2.3%, cash 2.0%, IG -0.6%, govt bonds -3.9% YTD.
The Biggest Picture:
total return of 30-year US Treasury -45% since Apr’20 (Chart 2).
