🇺🇸 Tiny bit more on CPI & payrolls coming up, but let's dive back into markets...

The 20-Year Treasury Bond ETF had its greatest inflows since Liberation Day last week.

As a result, $TLT appreciated 2.9% over the week, rising to its highest point since November. 20Y yields slipped 3.25%.

The slow flight to safety continues to develop. $IEF was up 1.25% itself...

🤑 I N T E L R U N N E R 🤑

🇺🇸 The World vs. The S&P 500

The FTSE All-World Excluding the U.S. broke out against $SPY from roughly Christmas Eve to Easter last year, rising 20.65%

I believe that could be the initial burst in a new trend. That's why I noted the change in character in the ratio (along with the Dollar threatening to break down) on January 22nd when it was clear the post-Liberation Day consolidation had wrapped up.

$VEU is up 5.7% against $SPY in the meantime (part of 9.4% since the down trend was snapped around NYE), and it doesn't look like that's the end of the story. I've been watching this since the City of London's "Sell America" trade fizzled out and backfired, and I was skeptical in the first place.

I noted undervaluation in July (which proceeded to become even more imbalanced through Q3). If I had to guess, this trend will be a little more enduring than the Q12025 pop I mentioned at the outset. I'd wager the next big correction may reset it.

That said, I could see it going on for 2-6 quarters...

This is not financial advice, man. No way, no how.

📈 I N T E L R U N N E R 📈

🇺🇸 That looks like a bottom in wheat.

It's up 5.7% this week after breaking out of the falling wedge.

That's why it was important to note wheat hitting 503'6 a couple quarters back...

The export program has bolstered wheat fundamentally.

📈 I N T E L R U N N E R 📈