Agriculture ETFs are 0.01 percent of all ETF AUM. Yesterday's WASDE cut US wheat stocks 22 percent YoY. Live today at 2 PM ET with Jake Hanley of Teucrium. CFP CE credit included.
Invesco Preferred ETF (PGX) pays 6.31% from 265 mostly investment-grade preferred securities with no leverage and no derivatives. The price has fallen from $15.60 to $10.67 since 2020, and whether that reverses depends entirely on the Fed.
Credit card balances 90+ days delinquent hit 13.12 percent in Q1 2026, closing in on the 13.74 percent 2010 record. Auto loans are already at a series-record 5.60 percent. High yield spreads are at 287 basis points. The household ledger has already turned. Corporate credit is still pricing the calm.
The dollar erased its post-jobs dovish repricing. Gold and crude did not. That gap refutes last week's convergence thesis.
Today's Lead-Lag Report post is sponsored by Hedgia Launching a hedge fund used to cost $50,000. Now it is $89 a month. The $50,000 setup and the $1,000 a month in admin fees kept good managers from launching their own funds. Hedgia deleted both.
SPY +2.0% to $773. XLU 4W ROC -8.58% (Framework Check broken week 3). XLE Notable +1.02σ week 4 confirmed. GLD flips back to Leader. Rotation broadens but stays narrow. Run #26: 5 of 6 forward calls correct.
Every intermarket signal stays on offense. Trend, rotation, commodities, and Treasury behavior remain unanimously aligned with risk.
BlackRock Capital Allocation Term Trust (BCAT) pays nearly 20% on a 55/44 balanced portfolio, and because it is a term trust the discount has a floor. The catch is a distribution that has been shrinking for three straight years.
The BLS diffusion index printed 54.4 in June 2026, identical to the full-year 2007 average. Payroll breadth spent nine of twelve months of 2025 below 50. One industry, health care, is generating 86 percent of net US job growth. Every one of those facts is public. Almost nobody is quoting them.
Central banks bought 243.7 tonnes of gold in Q1 2026, only about 16 tonnes were officially reported. Real yields at 2.44 percent sit at 2008 highs while gold prints records. The old model of gold as anti-real-yield has stopped working. The buyers are not who the equity crowd thinks.
Anti-AI with Seth Cogswell. Live 2 PM ET. 1 CFP CE Credit.
Live at 2 PM ET. Efficient Growth is trading like the involuntary Anti-AI portfolio. Factor dispersion at a decade-plus high. 1 CFP CE Credit.