The S&P just printed another all-time high. Six months of relentless buying….every dip defended within hours…retail traders rushing into calls every morning like clockwork.

We discuss Q4 macro and market outlooks, as well as where the biggest opportunities for investors right now.

The current risks are towards more ECB easing, but because medium-term risks are tilted to the upside, we think markets will remain firmly anchored around a 1.75% landing zone.

USA Rare Earth has been pulling back from its highs after a 175% rally from mid-September to mid-October.

The S&P 500 finished the day flat, with not much happening. It was actually a fairly uneventful trading session, as most of the action took place in the precious metals market.

Rare earths, a group of 17 metallic elements, are actually quite common in the Earth’s crust, but their extraction and refining are costly, complex, and harmful to the environment.