No Sign of the US Bull Market Ending

 From Hedgeye:

• We're in Quad 2
• Implied Volatility falling.  eg; SPY, IWM, Bitcoin
• 1-month realised SPY vol still below 3-month vol. 
• USD is now rising (short term).  However gold, copper, oil correlations to USD have dropped.  Gold and copper bullish trend.  Oil's trend whipsawing.  Industrial commodities, China, Korea and semis bullish.  The rising USD affects some EMs - they are now short Philippines (which I am still long through the Philippines Stock Exchange), and India (I no longer hold through FIH.U).

Made some short term trades, small positions.  Bought some:

• Crypto stonks
• 1-month calls on IWM.

Most of my Asian stocks are going up.  They're all different, company-by-company.  I'm a few percent over 100% long:

Yes, there are signs of exuberance, especially for tech/AI.  But we haven't seen Hawk Tuah, Cum Rocket or ETH Rock or levels of stupidity yet. No signs the bubble pops yet.  Enjoy it while it lasts.

Buying more

The correction I expected did not happen:

• The Market corrected Monday night, after being overbought
• That night Trump released "Tariff Letters" promising new tariffs by 1st Aug to 14 countries, including Japan, South Korea, Malaysia, Indonesia and Thailand.  But the next day, Asian markets didn't care.  
• The US market recovered the next day, even as Trump promised more Tariff Letters.

When the market doesn't fall on bad news its time to buy.  Last night I bought more Latam stocks and Didi (paid report) - I am finally buying China as there are rumours that Xi has lost power, and they have projected growth this quarter...so if I can find any China stocks I would like to hold, I may as well.  There is a chance they announce that Xi is being given a ceremonial post far away somewhere in August.

Also topping up on silver, and considering some energy related companies.   I am now over 100% invested and would like to reach 110%.  Themes are inflation, commodities and EMs.  And just a little bit of China.

Sandstorm

Sandstorm, one of the gold royalty companies I own, has had a takeover offer.  That is the reason why their price has been continually rising the past month.  The offer, if accepted by 2/3rds of shareholders, will give me shares of Royal Gold in exchange.  I'll probably accept the RGLD shares, either partially or fully.