Debt Fueled Rally is getting Legs…

War and AI debt continues to fuel the markets. What we call “Animal Spirts” are up sharply from March 9 recent lows but are still below the levels of early in 2025 when Trump euphoria was reigning.

Interest rates are the biggest drag on things, no doubt due to the crowd that believe high oil prices cause long term inflation. Declining precious metals macro price indicators are a providing a big boost, however. The dollar is a non-factor at the moment while the flattening yield curve is a drag.