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After finishing my meal, I took a look at the screen.
GLD jumped 1.74%—gold is surging.
XLE followed up, up 1.4%.
On the same day, NVDA didn’t move at all, while SMH was down.
It’s not rotation.
Someone is making big switches of positions.
The VIX is only 17, and the market looks calm on the surface.
But the money is the most honest.
I don’t like this kind of price action.