🇺🇸 The delinquency rate of multi-family housing—watch this space.

🏠 CHART WATCH 🏠

🇹🇷 🇺🇸 The Turkish Lira is down another 11.37% year to date against the Dollar.

That’s -85.21% since 2020 and -96.27% since 2010 as well.

But then again, it lost 99.57% from July 1990 to July 2000, so this is not Turkey’s first (or second) rodeo.

📉 CHART WATCH 📉

🇵🇱>🇬🇧 Will Poland Overtake the UK? Sure looks like it.

📈 CHART WATCH 📉

🇬🇧 Opinium poll June 25-27:

REFORM~NI: 30%
LAB-S&D: 25% (+1)
CON~ECR: 17% (-1)
LDEM-RE: 12%
GREENS-G/EFA: 9%
SNP-G/EFA: 2% (-1)
PC-G/EFA: 1%

+/- from two weeks prior.

📊 CHART WATCH 📊

🚘 The Porsche-to-Gold Ratio…

🪙 CHART WATCH 🪙

🇺🇸 The S&P 500 ($SPX) has rallied from -18% to a 1 year high within 3 months…

Also, other times this occurred since 1933.

📈 CHART WATCH 📈

🇺🇸 There’s no question about it. I’ve been saying this since the pandemic. Leaving the health risks of fast food entirely to the side…

You can get the casual dining takeout faster than a drive-thru during anything but the slowest periods. It will taste better than fast food, they will be less likely to screw the order up, and the pricing is competitive!

👎 CHART WATCH 👎

🇰🇷🇺🇸Auto exports to America are important to the South Korean economy, but the new government in Seoul is still in early stages of negotiation with the Trump Administration.

📈 CHART WATCH 📉

🇪🇺 Capital Gains Tax Rates in Europe

📊 CHART WATCH 📊

Supply has begun to eclipse demand…

💸 CHART WATCH 💸

🌍 Global Nuclear Investment Doubles

💥 CHART WATCH 💥

🇺🇸 Dirty Rotten Congress vs. the S&P 500 ($SPX)

📈 CHART WATCH 📈

🌍 Global Equity Valuation Indicators

Small & value are undervalued against large & growth, just like Dotcom, but this time, global equities are undervalued against US equities as well…

📉 CHART WATCH 📉

🇺🇸 The prices of crude oil & natural gas went their own ways…

The price of West Texas Intermediate crude oil declined to $65.71 per barrel (-19.5% y/y) in the week ended June 27 as tensions in the Middle East eased. The decline more than reversed the prior week’s runup to $74.17 per barrel, but remained up from a low $59.04 low in the second week of May 2025

Natural gas prices rose last week to an average $3.30 per mmbtu (31.0% y/y) in the week ended June 27, after increasing to an average $3.08/mmbtu in the prior week. Prices remained well above a low of $1.40/mmbtu in the week of March 15, 2024 but below their peak of $9.56 in the week of August 26, 2022.

📈 CHART WATCH 📈

🇺🇸 Cyclical sectors are leading. This is the drawdown from the record high.

📈 CHART WATCH 📉

🇺🇸 Change in the U.S. Dollar Index ($DXY) in the first half of every year since 1986.

📉 CHART WATCH 📉

🇺🇸 Volatility: the MOVE Index creeps up while the VIX hangs behind.

Note—defer to the MOVE.

📈 CHART WATCH 📉

🇹🇷 Gold in Turkey is mostly in the hands of regular people (who need it to combat relentless inflation).

🪙 CHART WATCH 🪙

🇺🇸 vs. 🇬🇧 since 2008.

Long story short: America grows, the UK shrinks—what’s new?

📈 CHART WATCH 📈

🇺🇸 🇩🇪 The German-American spread in ten year debt is creeping north again. As it should.

The idea that the country that just spent ten years being the epicenter of Western deindustrialization and has announced a newfound intention to spend the next ten years remilitarizing (presumably while somehow also becoming net zero) is ridiculous. Bet it drops.

📈 CHART WATCH 📈

🇺🇸 Highest monthly growth (2.1%) for the Real M2 Money Supply since early 2022.

📈 CHART WATCH 📈