QuiCQ 30/01/2026
Yo-Yo Days
“The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism.”
— Benjamin Graham
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Some of the recently more runaway asset classes, such as for example the precious metals complex, have gone over the past 48 hours or so in full yo-yo (aka Kangaroo) mode. Point-in-case: Gold!
In case you did not notice, that’s a top-to-bottom eight percent range, with some wild swings in between!
Or Silver’s nearly 12% range:
Equity markets, albeit on a much smaller scale, also had their yo-yo or kangaroo momentum over the past two sessions. Here’s the S&P 500 as representative of this asset class:
Albeit, all truth being told, it has been a bit a kangaroo market for the S&P 500 since October of last year, with the index barely one percent higher than four months ago:
Culprits for the sub-par performance of the S&P 500 must be surely the Mag Seven, which, with the exception of Google, have shown a mediocre performance. Here’s the S&P 500 heatmap for the past three months:
Stocks have held up, but is Bitcoin, a classic risk-on/risk-off tool foretelling the (equity) future?
As we head into the weekend, I repeat from last week, the pattern we have seen so far this year:
Weekend 1/2026: Maduro extraction
Weekend 2/2026: Powell subpoena
Weekend 3/2026: Greenland threat
Weekend 4/2026: Pause (probably there was a golf tournament in Mar-o-Lago
Weekend 5/2026: ???
With regards, and no pun or hint or whatever intended, here’s the price of oil (Brent) over the past month:
Have a relaxing, hopefully news-free weekend!
André
Can’t remember when, but in one Quotedian we mentioned that precious metals are usually the first movers in a commodity boom, followed by industrials and eventually oil reacting last.
So, here we go:
