S&P 500 wasn't to break down Friday, but I saw its upside as limited – it proved so, just as much as the gold and silver surge being places where money is made. Volatile ride, but the fresh solid bid following tariffs-Greensland prior weekend, did last. Even copper finally turned up Friday, just as the dollar mightily turned south.

And that‘s the theme of 2026 – has the USD bull run starting in 2011 ended? Is it a function of upcoming economic reacceleration, or does the dip have more to do with Europe, let alone the Japan situation? Treasuries market is relatively calm, and it‘ll be the one defended foremost – national debt (re)financing needs are huge.

So, how close are stocks to breaking out of their two-plus-month-long consolidation? Can Nasdaq lead once again? Is market breadth at all favorable?

These are but some questions that swing or intraday traders have to ask themselves – and we had a great week, stepping away from outperforming Russell 2000 when its steam ran out, crisscrossing between indices in volatile pre-Davos moments of tensions, only to give way to Greenland framework announcement triggering a rally that was characteristically faded… and QQQ <$626 beat goes on.

With all the precious metals mania talk, is it really a bubble, how "suspicious“ is silver catching up long-term, and can oil‘s turn last as well? Will 2026 be a year of commodities while we see and trade plenty of stock market rotations, favoring value over tech?

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