The Silver CTAs Are At it Again (Sunday Reading Material part 1)

DB, GS, JPM, BOA, TD

Good Afternoon.

What we’re seeing and sharing.

Equities: focus on the rotation out of Mag 7 now. This is extremely consistent with “buy season” effects. It is all tied together now.

Banks are recommending to sell tech and buy “Other” assets. There will be allocation internally to different equity sectors, commodities, etc. We are already seeing this manifest in a big way. Banks have clued their biggest clients into what is coming, and those Funds are trading short now. ( more on that in a subsequent post).

For now..assume the whole industry is either intentionally or coincidentally coming to the same conclusion Hartnett is (report included)…

Recession in 2024 followed by Bond rally, Bullion rally, and a broad market rally leaving the Mg 7 in the dust on a relative basis.

We’re not saying that is correct. But we are saying with so many other Gurus being wrong for so long, they tend to follow the only guy who is calling things remotely correctly. Fish (analysts) school when they are scared.

That means the whole street is putting Hartnett’s ideas on. Heaven help us if he is wrong. This is one reason in addition to the war we are seeing things move in an exaggerated fashion.