New This Week
Commodities
Too late to hop aboard the gold train? Or time to extend the ride?
From a technical standpoint, gold appears to be finding support at current levels. While the Bears have arguably managed to make a point, so far it’s been a marginal one that resembles the tip of a pin more than the business-end of a knife.
By Daniel Sckolnik
may 4, 2026
8 min read
Over the last couple of years, gold has put on something of a show. The precious metal ran to a record high of $5,608 per ounce back in late January, a performance that brought considerable satisfaction to the gold permabull crowd, at least while the sugar-high lasted.
Since then, gold’s seen an 18% retreat off the all-time high, leaving the commodity deep in correction territory. The descent is substantial enough to give some investors pause in their collective pursuit of the commodity.
As for others? Well, they might just be viewing the correction through the prism of opportunity.
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GLD (SPDR Gold Shares)
Illustrative. Past performance does not indicate future results.
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The Archive
A working collection of analysis on exchange-traded funds, beginning in 2010 and continuing today. New pieces posted approximately every other week.
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VIX May Be Low, But High Volatility Continues To Lurk
The S&P 500 is up 13% year-to-date and the VIX is reading calm. With a record-high market and identifiable risks floating close to the surface, it’s worth asking what portfolio insurance is currently worth.
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Go Long Apple, Short The Eurozone
Cyprus is the reminder. The Eurozone is forecast to shrink 0.3% this year. Apple has just cleared its 50-day moving average and found support at $425 — a pairs trade with structural logic.
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The Fed Won’t Stop The Party Just Yet
Bernanke isn’t going to upset a working applecart this week. But the dissenting voices on the FOMC are getting louder, and that’s reason enough to think about volatility insurance before it gets expensive.
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Time To Place A New Bet On China Equities?
The bulls just went five-for-five on the week. For investors who missed the early innings of the U.S. rally, China may be the lagging horse worth riding — and FXI is the cleanest way to ride it.
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Macroeconomic Outlook Could Paint A Pretty Picture For U.S. Market
January is starting strong, the VIX sits at a five-year low, and Italian and Spanish bond yields have settled. The risks are real — Algeria, Senkaku — but the macro setup favors the bulls into Q1.
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Elections The Flame, Wall Street The Moth
The election will end the uncertainty, and uncertainty is what’s been holding the market sideways. A pairs trade matching VXX against IYF positions for both the volatility drop and the upside that may follow.
