Market complacency is usually the warning sign. Index holding steady, but beneath the surface there's a meaningful rotation underway.
Vermilion's David Nicoski points out tech weakness masked by headline numbers. Real relative strength: healthcare, biotech, gold, energy — and it's been building for weeks.
Data center supply chain showing cracks. Labor inflation (electrical, HVAC, plumbing) compressing margins. Charts breaking below 200-day MA.
Credit default swap spreads widening — credit markets pricing risk that equities haven't caught yet.
Worth watching closely. Rotation and divergence like this often precedes broader repricing.
Vermilion's David Nicoski points out tech weakness masked by headline numbers. Real relative strength: healthcare, biotech, gold, energy — and it's been building for weeks.
Data center supply chain showing cracks. Labor inflation (electrical, HVAC, plumbing) compressing margins. Charts breaking below 200-day MA.
Credit default swap spreads widening — credit markets pricing risk that equities haven't caught yet.
Worth watching closely. Rotation and divergence like this often precedes broader repricing.