Video: The Bull Market Is Alive — It’s Just Rotating
Everyone keeps asking the same question:
“Is the market under pressure?”
If you only look at headlines, it feels that way.
If you look at the data, it tells a very different story.
New Highs vs New Lows (NYSE)
Look at the first chart.
New highs are expanding.
Yes, we’ve had volatility. Yes, there have been sharp down days. But while people are focused on short-term pullbacks, the number of stocks making new highs is rising.
That is not what bear markets look like.
Bear markets contract participation.
Bull markets rotate participation.
When new highs expand while sentiment feels cautious, that’s strength under the surface. The market isn’t breaking — it’s shifting leadership.
That’s a very different environment than broad deterioration.
The takeaway?
There are still plenty of things to buy.
YTD Sector Rotation (Koyfin)
Now look at the second chart — the YTD leaderboard.
This is where the message gets loud.
Energy (OIH) leading.
Miners (GDX) strong.
Homebuilders (ITB).
Agribusiness (MOO).
Solar (TAN).
Staples (XLP).
Emerging Markets (EEM).
Meanwhile:
SPY flat.
XLK negative.
This is not random noise.
This is rotation.
Capital is flowing out of crowded large-cap tech and into cyclicals, commodities, real assets, and international exposure.
We’ve been talking about this shift for months.
Energy especially continues to show leadership. And leadership matters.
Bull markets don’t move in straight lines. They rotate. They digest gains. They shake out weak hands. Then they re-accelerate.
If you let short-term volatility scare you out of long-term themes, you miss the compounding phase.
That’s how returns get damaged — not by trends ending, but by reacting emotionally to temporary pullbacks.
The Bigger Picture
The expansion in new highs combined with sector leadership in energy and commodities tells me one thing:
We are still in a bull market.
It just isn’t the same bull market as 2023–2024.
It’s broader.
It’s more cyclical.
It’s more commodity-driven.
It’s more global.
That’s healthy.
We broke all of this down in detail on today’s Gold Rush Live — including where we think leadership continues and what we’re watching next.
If you care about positioning for rotation instead of reacting to noise, watch the replay:
Catholic Values ETF 🤣 I had to look it up it's just Mag7 but without the condoms. Usefully though it is denominated in smaller bills than SPY and has higher fees. 🤔
Agreed. Saying this everyday … There’s a guy arguing about a wealth effect due to people invested in MAG7 as a concerning. I think you can always find something to be concerned about. Definetly a good year for momentum