A Trader’s Creed

Have a great Memorial Day Weekend, Good People. – T.G.

This market is becoming impossible to explain with a straight face.

The Strait has been closed for three months. Oil is up nearly 50%.
Inflation finally showed up. Yields ripped higher.

And semiconductors are still trading like the world is ending in abundance instead of scarcity.

Miners got smoked. Uranium broke down. Copper’s breakout failed. Hard assets got dumped while NVIDIA and semis kept levitating.

And if you’re confused by it, good. You’re paying attention.

Because this is no longer a market driven by logic, it’s a market driven by momentum, positioning, and performance panic.

• Semiconductors Still Defying Gravity: SMH continues acting like the only trade that matters as AI momentum keeps pulling capital into the space.

• NVIDIA Flashed a Warning: Strong earnings and revenue beats still couldn’t keep NVDA green on the week. Bullish news getting sold matters.

• Oil Services Matching Tech Leadership: OIH and SMH are now running neck-and-neck for sector leadership. That says everything about this tape.

• Inflation Finally Hit the System: Oil, gasoline, food, and energy prices continue climbing while headline inflation catches up to reality.

• Yields are forcing sectors to respond: The move higher in Treasury yields is becoming harder for markets to ignore.

• Precious metals Lost Momentum: Precious metals and miners were aggressively de-risked despite the inflation backdrop.

• Gold Miners Under Pressure: Rising energy costs continue squeezing margins across the mining space, forcing traders to watch key support levels closely.

• Oil Structure Still Bullish: Backwardation, tight supply conditions, and geopolitical instability continue supporting the crude market underneath the volatility.

• Resource Nationalism Still Alive: Energy, commodities, and strategic materials remain central to the long-term macro story despite short-term underperformance.

• The S&P Still Floating Higher: Equities continue climbing through inflation, higher yields, and geopolitical stress as momentum traders stay fully engaged.

• Volatility Quietly Melting Again: The VIX fading into Memorial Day tells you complacency is creeping back into the market once again.

View Matrix

We tightened risk and kept pressing what’s working, raise the floor, protect the win, buy it back at support.

The playbook is simple: manage risk, compound.
Treat the high-flyers with respect.

Keeping risk tighter heading into a Long Weekend.