Leadership has changed in the markets.

Since the March lows, tech, specifically cloud-based tech has lead the markets higher. Companies like Square (SQ) have more than tripled in share price while the S&P 500 is up 40%.

However, in the last few weeks this has changed. Former market leaders like SQ or Shopify (SHOP) have been trading sideways.

Meanwhile, industrial plays like Freeport McMoran (FCX) and John Deere (DE) have barely corrected at all, soaring to new highs.

Why is this?

The market is sensing that the next major move will be driven by fiscal spending and the Trump administration’s coming infrastructure program.

Put another way, the COVID-19 lockdowns are ending, the rush into cloud/ remote working plays is ending, and the next major market move will be driven by government spending.

Those who get into this trend early could stand to make literal fortunes.

At the end of the day, it all boils down to what I’ve been saying since 2017… that the Fed and US government are trapped in a vicious cycle through which it INTENTIONALLY creates bubbles to deal with each successive bust.

We had the Tech Bubble in the ’90s.

The Housing Bubble in the mid-00s.

And now the Everything Bubble in 2020.