Not Risk-On. Not Risk-Off. Rotation.
In our recent editorial, The Hard Asset Regime Is Not a Trade — It’s a Structure, we examined the persistent leadership emerging in gold and materials and argued that real assets were no longer functioning as short-term hedges, but as structural participants in the market.
The current Stock Trends dataset extends that thesis — but in a different direction.
The 13-week ST-IM probability model is no longer pointing to a narrow leadership cluster. It is identifying a market redistributing capital across multiple durable themes simultaneously.
This is not a simple “risk-on” environment.
It is not a defensive “risk-off” retreat.
It is rotation.

Hence, anyone who had followed the "Stock Trends" line should have sold their Bre-X shares and, with the windfall, paid for a lifetime subscription to The Globe and Mail and more. Talk about return on investment!