I'm Buying: The Commodity Bull Market Nobody Wants to Admit
When 9 of the Top 25 Themes Are in Commodities… You Either See It or You Miss the Entire Cycle
The Commodity Tape Doesn’t Lie
Rick (@nullcharts on x) sent me a message yesterday that stopped me in my tracks:
9 out of the top 25 themes in our entire universe are in commodities.
5 out of the top 10 scans are commodity-led.
That’s not random.
That’s what a commodity bull market looks like.
I’m sorry that so many people still can’t see it. Maybe it’s because the only commodity they’ve ever heard of is oil. Maybe it’s because they think “commodities” means one thing. It doesn’t. It’s a massive ecosystem — metals, miners, uranium, lithium, agriculture, drilling, industrials, you name it.
And because we actually analyze data — not narratives — we’ve been positioned across commodity currencies, commodity countries, and commodity stocks all year long.
That’s where the alpha has come from.
That’s why we’re massively outperforming the S&P, hedge funds, and damn near everything else.
The Leadership Board Tells the Story
Look at what is lighting up the Multi-Timeframe RS Rank:
Silver. Gold. Copper. Other metals. Uranium. Aluminum. Steel. Coking coal. Industrials.
Nine of the top 25.
Five of the top ten.
Tell me another environment where that happens outside of a commodity bull market.
You can’t.
YTD Commodity Sector Returns Don’t Lie Either
While the S&P 500 is up around 16% YTD, look at these numbers:
GDX up over 145%
COPX up 72%
XME up 70%
URA up 67%
SLX up 64%
LIT up 55%
These are not “nice little moves.” These are cycle-level moves — the kind you see in the first or second inning of something much bigger.
And here’s the wild part:
