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Market Commentary

A glance at the previous month’s market events and thoughts on the near future.

Early‑Cycle Rotation Beneath a Calm Surface

January 2026

  • Global Rotation Beneath Modest Headline Gains
  • Divergence Across Asset Classes
  • Transition Toward Early‑Cycle Dynamics
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Late-cycle Calm into Year-end

December 2025

  • Muted risk signals
  • Equity resilience outside the US
  • Precious metals continue to stand out
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November to Remember

November 2025

  • Markets paused but did not shift regimes
  • Clear expectations of a Fed cut
  • Strong metals and weaker Energy
  • Volatility up but controlled
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The Humbling River

October 2025

  • Renewed appetite for risk
  • Risks worth taking
  • One hand near the exit
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