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GOLD $$, LEASE & BORROWING RATES SURGE!

RETAIL ENTERING EQUITIES - PROFESSIONALS REDUCING

The precious metals market is showing signs of breaking with physical 'shortages' evident as:

• Borrowing rates for GLD rise (chart above)
• Lease rates for physical rise (chart right)

All are exploding higher!

"This signals total panic! There’s no gold underpinning the London market!"

1- TECHNICAL LAB

"BE CAUTIOUS WHEN OTHERS ARE NO LONGER FEARFUL!"



"NEW" = THIS WEEK'S CHART

A-SENTIMENT

This week was just another massive short-squeeze and the dash-for-trash escalates. (Most Shorted stocks are up almost 8% from Monday lows.)

So for now the US has very high corporate profits, very high asset prices, very high fiscal deficits, very high trade deficits and very low wages versus history. These 5 extremes together don't feel sustainable, but they’ve existed for several years already. So trying to work out the turning point is tough.

VIX around 20 is pricing substantial "fear", but far from panic. You don't compare trending to mean reverting assets, but note we have not closed this high in VIX since the mid December panic.

THIS WEEK'S POSTS

NEW--2- AVERAGE PERCENTILE OF SENTIMENT INDICATORS - 02-08-25

Bullish sentiment dominated late 2024, but the landscape has shifted in early 2025. The prospect of “Trumponomics” is introducing new challenges, increasing market volatility and driving some investors towards defensive strategies.

Goldman Sachs Global Investment Research

NEW--3- SENTIMENT- AAII BULL-BEAR - 02-07-25

Fading bulls, excited bears - Rather big moves in the latest AAII sentiment survey. Note bears at the highest levels since November 2023.  

NEW--4- SENTIMENT- AAII BULL-BEAR - 02-07-25

Big moves like this in the AAII bull/bear spread has resulted in SPX catching bids. Are we setting up for another break out move that sucks people in?  

NEW--5- SENTIMENT - CNN FEAR-GREED

02-05-25

We are in fear land, but it sure doesn't feel like that! 

NEW--6- EQUITY SENTIMENT

02-04-25

Sell side equity sentiment was unchanged in January, 1ppt from “Sell” signal.

WEEK OLD POSTS

NEW THIS WEEK CONTINUED

NEW--7- INVESTOR SENTIMENT

02-04-25

Investor sentiment moved back above neutral, (matches CNN 51 Neutral reading), but market bounce did not have momentum.  

NEW--8- SENTIMENT – PUT-CALL RATIO

02-04-25

Put/Call volume ratio (5d ma) at the lowest levels in a long time.  

NEW--9- SENTIMENT-PUT-CALL SKEW

02-04-25 

Put call skew at 8/10. Goldman's Marshall: "....negative for forward equity returns as it shows that investors are already positioned for short-term upside and have less room to become more bullish."  

PRIOR WEEK CONTINUED

6- SECTOR SENTIMENT TRENDS - 01-31-25

Click to Enlarge

Technology is trending down while Financials are now trending up. (See MATASII Financial Index in the Technical Analysis section below.)

7- CNN FEAR-GREED INDEX - 01-31-25

Sentiment remains in neutral territory.

B- FUND FLOWS - ETFs, FUND MANAGERS, HEDGE FUNDS, REBALANCING & ROTATION

C- PATTERNS - CONCENTRATIONS, SET-UPS, RELATIONSHIPS, INTRA-MARKET

D- INDICATORS - ECONOMIC, CREDIT & CORRELATION INDICATORS

NEW--2- CHART RIGHT

02-03-25

The emotionless VWAP bid is here...

"We currently see ~45% of the S&P 500 is in open window with ~60% in open window by the end of the week."  

2- FUNDAMENTALS

EARLY SIGNS OF EMERGING DOWNWARD TREND IN EARNINGS

MARKET IS AT ATH OVER-VALUATION

The median analyst expectation is for another 10% rise in the S&P this year, quite audacious when you consider the index is up over 50% over the past two years. Stock allocations are at highs, with the household, financial and foreign sectors at record or near-record overweights versus financial assets. The market, based on a broad swathe of measures, has NEVER BEEN AS OVERVALUED!

PROFITS AS A % OF GDP

CHART RIGHT: US domestic corporate profit margins have burst way above their usual 15% maximum as ‘Greedflation’ has taken hold. This is remarkable, because never in history have corporate margins risen when faced with sharply rising unit costs – until now?

3- TECHNICAL ANALYSIS.

NOTE

NEW IMAGE CHANGES ARE LABELED WITH A BLUE TRIPLE ***STAR***

OLD IMAGE CHANGES ARE LABELED WITH A RED TRIPLE ***STAR***

OLD IMAGES REFLECT MINIMAL CHANGE, but Narrative is ALWAYS updated.

ALL IMAGES UPDATED WEEKLY, (EITHER THE MID-WEEK OR WEEKEND REPORTS).

REMEMBER: SIMPLY CLICK YOUR LIVE SUBSCRIBER LINK TO SEE THE LATEST UPDATED CHART.

PATTERNS - Wedges, Channels, Trading Ranges, Ending Diagonals, ATH (All Time Highs / Lows)

GETTING TO DECISION TIME

ACROSS THE EQUITY BOARD



NEW PATTERNS WE ARE WATCHING

EXISTING PATTERNS WE ARE TRACKING

PRIOR PATTERN POST

GOLD - 01/24/25

Gold continues pushing new recent highs post breaking out of the dynamic triangle formation earlier this month. Momentum is strong, but note we are approaching ATHs as well as RSI trading at the most overbought levels in several months. On the other hand, overbought can stay overbought for longer than most think possible.

S&P 500 - 01-17-25

SPX remains stuck between the longer term trend line, (where we bounced from recently), and the shorter term trend line that has been in place since ATHs. No direction for a few months has led to complex psychology developing. A break-out is certainly shaping up barring a macro shock! 

NASDAQ - 01-17-25

NASDAQ continues chopping inside the dynamic triangle like formation. Note we are above the 50 day, post putting in that hammer candle on the 100 day a few sessions ago. The short term trend line comes in around here. Is there enough momentum to kill the many bears?

CURRENT PATTERN

NEW-- GOLD - 02-07-25

Another day, another day higher in gold.

Overbought....but still room to run before we touch the upper part of the trend channel.

S&P 500 - 02-07-25

STICK STUCK! SPX continues chopping around. There is no new trend, so treat this as a mostly mean reverting market, with a lot of headline risk, magnifying the chop, both ways..

NEW-- NASDAQ - 02-07-25

Chop heaven...not getting excited until we break out, either way.

STRONG BANK EARNINGS & WEAKENING YIELDS PROPEL BANKS HIGHER

***THE MATASII BANK INDEX***

CHART RIGHT: European banks have outperformed the Magnificent Seven since January 2022. This outperformance is particularly noteworthy given the historical dominance of U.S. tech giants in global markets.

CHART BELOW:

• The MATASII Bank Index rose this week closing down Friday at 1597.47 -7.59 (-0.47%) for the day compared to last Friday at 1570.71.
• In the bottom panel, the MATASII Proprietary Momentum Indicator found overhead resistance at the dashed orange trend line highlighted by the red arrow.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:   SUBSCRIBER LINK

FINANCIAL MARKETS CURRENTLY STRONGER THAN MAG-7

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:  SUBSCRIBER LINK

CONTROL PACKAGE

1. APPLE - AAPL - DAILY (CHART LINK)
2. AMAZON - AMZN - DAILY (CHART LINK)
3. META - META - DAILY (CHART LINK)
4. GOOGLE - GOOG - DAILY (CHART LINK)
5. NVIDIA - NVDA - DAILY (CHART LINK)
6. MICROSOFT - MSFT - DAILY (CHART LINK)
7. TESLA - TSLA - DAILY (CHART LINK)

***MAGNIFICENT 7***

CHART RIGHT: This chart makes the 2000 Dotcom Bubble look like a "minor warm-up"?

NEW CHART BELOW: It was a big week for Mega-Cap tech earnings, but they somewhat disappointed as Mag7 stocks are down over $625 billion in market cap in the last two weeks, (with only META and NVDA up this week). The chart below shows the weekly trading percentage changes of each of the Mag-7 since August 2024.

CURRENT DAY'S VIEW:

• The Mag-7 was down for the week. The Mag-7 closed Friday at 2259.65, down -36.52 (-1.59%) compared to last Friday when we closed at 2308.19.
• Meanwhile the MATASII Proprietary Momentum Indicator (lower panel) has begun to turn down.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:  SUBSCRIBER LINK

***NVIDIA - NVDA - DAILY***

AS GOES NVDA SO GOES THE MAG-7!

AS GOES THE MAG-7 SO GOES THE MARKET!

With a market cap of $3.61tn and nearly as big as the entire DAX and CAC combined, earnings are going to be a big event. To give you a scale for their astonishing earnings trajectory over such a short period of time, at the recent lows in Jan 2023 Nvidia earned $4.4bn over the preceded last 12m. However, today the consensus will see them earn $61.4bn over the last 12 months. Then, by the time we hit 2027, they are expected to earn $118.1bn LTM.

The growth in NVDA’s forward revenues and operating earnings have both been remarkable, as has its ability to maintain a forward profit margin north of 55%. Nvidia’s forward P/E of 32.6 is certainly higher than the S&P 500’s forward earnings multiple of 21.6, but it looks reasonable relative to the company’s expected forward earnings growth of 53.1%.

NEW-- NVDA - 01-29-25

CHART RIGHT ABOVE: Fighting the 200 DMA.

NVDA is trading right on the 200 day moving average as of writing. Massive moves, especially if you consider the changes in market cap. This is not how strong leaders behave.

Today's Note:

• NVDA pushed higher closing Friday at 129.84 +1.16 (+0.90%).
• NVDA rose from support at the 200 DMA pushing higher towards its 50-100 DMA.
• The NVDA MATASII Momentum indicator (black dotted line) in the lower panel offered initial support.

Longer Term Note:

• At some point, the major unfilled gaps (at much lower levels) must be filled. We anticipate a likely test of the 200 DMA in Q4 2024 or Q1 2025.
• NVDA therefore may no longer become a Short to Intermediate Long Term hold, but rather a position trading stock, as other competitors enter the space, force margins and the earnings growth rate contracts. 

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:   SUBSCRIBER LINK

***GOOG - DAILY***

Alphabet (GOOG): Q4 revenue and Cloud revenue missed, while it also sees 2025 capex well above expectations, supporting NVDA.

• GOOG closed Friday at further to 187.14 down -6.17 (-3.19%) after reporting disappointing earning earlier in the week.
• The 50 DMA initially offering support was subsequently broken to the downside.
• Support initially found at the MATASII Momentum Indicator's lower support level was subsequently also broken, marked by the red arrow.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:   SUBSCRIBER LINK

***META - DAILY***

CHART BELOW ;

• Meta was up further from Wednesday's close at 704.87 +0.68 (+0.10%) to close Friday at 714.52 +2.53 (+0.36%).
• The lower two panels reflect META is now pushing through its overhead RSI and MATASII Momentum Indicator Resistance shown by the red arrows.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:   SUBSCRIBER LINK

***APPLE - AAPL - DAILY***

CHART RIGHT: Does Apple have the cash to sustain its highly aggressive stock buyback program which has been supporting its Price per Share?

• AAPL fell this week closing Friday at 227.63 --5.59 (-2.40%) for the day, compared to last Friday's close at 236.00.
• AAPL appears to be looking for support at lower 200 DMA.
• APPL found support at the MATASII Proprietary Momentum Indicator trend line, marked by the red arrow in the middle panel.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:   SUBSCRIBER LINK

***TESLA - TSLA - DAILY***

CHART RIGHT: TSLA's Intermediate high may have been put in at its recent high.

• TSLA closed down further Friday at 361.62 -12.70 (-3.39%) for the day.
• Price broke decisively this week through the rapidly rising well defined support level at the 50 DMA, which had been supplying support.
• TSLA's MATASII Momentum Indicator shown by the orange dotted trend line in the middle panel and marked by the red arrow was also decisively broken.

EARNINGS -

Tesla Inc (TSLA) Q4 2024 (USD): Adj. EPS 0.73 (exp. 0.75), Revenue 25.71bln (exp. 27.21bln), Shares +4.1% after market.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:   SUBSCRIBER LINK

"CURRENCY" MARKET (Currency, Gold, Black Gold (Oil) & Bitcoin)

10Y REAL YIELD RATE (TIPS)

Real Rates have broken through its descending trend wedge channel line, (shown in the chart to the right - as of close 02/07/25). (LATEST)

The latest US NY Fed SCE has seen inflation expectations continue to increase across the forecast horizon.

CONTROL PACKAGE

There are TEN charts we have outlined in prior chart packages, which we will continue to watch closely as a CURRENT Control Set:

1. US DOLLAR -DXY - MONTHLY (CHART LINK)
2. US DOLLAR - DXY - DAILY (CHART LINK)
3. GOLD - DAILY (CHART LINK)
4. GOLD cfd's - DAILY (CHART LINK)
5. GOLD - Integrated - Barrick Gold (CHART LINK)
6. SILVER - DAILY (CHART LINK)
7. OIL - XLE - MONTHLY (CHART LINK)
8. OIL - WTIC - MONTHLY - (CHART LINK)
9. BITCOIN - BTCUSD -WEEKLY (CHART LINK)
10. 10y TIPS - Real Rates - Daily (CHART LINK)

***US DOLLAR - DXY - DAILY***

CHART RIGHT ABOVE: DOLLAR - DXY - 01-15-25 DXY long positioning is in the 95th percentile.

CHART RIGHT BELOW: DOLLAR - DXY - 01-18-25 For now just a much needed pause. 21 day and the steep trend line come in around these levels. The Dollar Has Now Surpassed All Previous Peaks, Except 1985.

IMPORTANT -

THE US ELECTION HAS POTENTIALLY MADE MAJOR CHANGES IN THE PERCEPTION OF THE US$ .



THERE IS A STRONG CHANCE THAT THE LOWS SHOWN BELOW ARE

NO LONGER VALID.

CHART BELOW: DOLLAR - DXY - 01-18-25 Looks like the dollar is heading for an overshoot...

CURRENT DAY'S VIEW:

• The dollar was mostly flat this week, being down in after hours Friday trading at 108.096 +0.392 (+0.36%) compared to Friday cash close at 108.501.
• The DXY continues to find support around the 50 DMA.
• The dollar is pushing off slightly from the near term support at the MATASII Momentum Indicator's dotted black trend line marked by the red arrow in the lower panel.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:    SUBSCRIBER LINK

***GOLD***

CHART RIGHT: NEW-- GOLD - 02-05-25

..another ATH in gold. RSI at very overbought levels, but overbought can stay overbought for longer than most think possible. Still room to squeeze if we are to try the upper part of the big trend channel.

NOTES:

• Gold has recently been supported and further boosted by the PBoC resuming Gold purchases in November after a six-month halt. 
• We note that ETF buying however has been surprisingly weak over the past four years, as shown by the 2nd chart above.

CHART BELOW:

• Gold continues to push to new highs this week with Friday's post-market trading at ~2860.09 up +4.29 (+0.15%).
• Gold has finally broken out from the triangle trap it was in, (the triangle shown to the left above).
• Gold also broke through its important MATASII Momentum Indicator, as shown in the lower panel and marked by the red arrow and black dashed trend line.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:  SUBSCRIBER LINK

US EQUITY MARKETS

CONTROL PACKAGE



There are FIVE charts we have outlined in prior chart packages that we will continue to watch closely as a CURRENT "control set":

1. The S&P 500 (CHART LINK)
2. The DJIA (CHART LINK)
3. The Russell 2000 through the IWM ETF (CHART LINK)
4. The MAGNIFICENT SEVEN (CHART ABOVE WITH MATASII CROSS - LINK)
5. Nvidia (NVDA) (CHART LINK)

CHART RIGHT ABOVE: NEW-- S&P 500 - 01-15-25

SPX bounced with the Hammer candle right on the big trend line a few sessions ago. Futures are surging post the CPI print, currently trading above the 100 day again. Note the negative trend line coming in around 6025. Choppy tape as we still lack a new medium term trend.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:   SUBSCRIBER LINK

***S&P 500 - Daily Our Thought Experiment***

• The S&P 500 was trading at the cash close Friday at 6025.98 down -57.58 (-0.95%) compared to last Friday's close at 6040.
• Price is now trading once again at the support levels marked by the 21- 50 DMA levels which price has been tied to recently.
• Momentum is also now finally trading again above the MATASII Proprietary Momentum Indicator (middle panel) support level at the black dotted trend line, marked by the red arrow.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:   SUBSCRIBER LINK

***IWM - LONG iShare Russell 2000 ETF - Daily***

CHART RIGHT: The small-cap Russell 2000 index has faced a notable downturn in December 2024, experiencing a decline of over 8%. This marks its worst monthly performance since September 2022, reflecting a notable shift in investor confidence.

DAILY NOTE:

• The IWM - LONG iShare Russell 2000 ETF was mostly flat for the week closing up Friday at 226.00 -2.62 (-1.16%) compared to close last Friday 228.69
• The IWM,has found overhead resistance once again at the 100 DMA.
• The IWM appears to be trying to separate upward from support at the ( lower panel ) Proprietary Momentum Indicator 's major support shown by the orange descending dashed line marked by the red arrow.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:   SUBSCRIBER LINK

STOCK MONITOR: What We Spotted

BOND MARKET

LOWER BOND YIELDS CORRECTLY SPOT A WEAKER MACRO

CONTROL PACKAGE

There are FIVE charts we have outlined in prior chart packages that we will continue to watch closely as a CURRENT "control set":

1. The 10Y TREASURY NOTE YIELD - TNX - HOURLY (CHART LINK)
2. The 10Y TREASURY NOTE YIELD - TNX - DAILY (CHART LINK)
3. The 10Y TREASURY NOTE YIELD - TNX - WEEKLY (CHART LINK)
4. The 30Y TREASURY BOND YIELD - TNX - WEEKLY (CHART LINK)
5. REAL RATES (CHART LINK)

FISHER'S EQUATION = 10Y Yield = 10Y INFLATION BE% + REAL % = 2.422% + 2.067% = 4.489%

QRA PREVIEW: The quarterly refunding announcement will take place on Wednesday, February 5th. At the prior refunding, the Treasury maintained its guidance that the "Treasury does not anticipate needing to increase nominal coupon or FRN auction sizes for at least the next several quarters." Whether this guidance is maintained will once again be the focus of the upcoming refunding. We will also get the updated buyback schedule. Last quarter it said it expects to purchase up to USD 30bln for liquidity support and USD 22.5bln for cash management purposes for Q4, so we will be looking to see if these sizes are maintained or adjusted. However, one wild card in the quarters ahead will be any spending implications from US President Trump's policies, while we also have a new Treasury Secretary, Scott Bessent. However, Bank of America expects the announcement to be relatively uneventful despite the change in leadership, as they do not expect Bessent to make any significant shifts at his first quarterly refunding meeting. The desk expects the Treasury to hold nominal auction sizes constant at the Feb refunding, and nominal coupon auction sizes holding steady through FY25 and the first coupon increase in November 2025. Any shift in language, potentially to the "next couple quarters", or a complete removal of the language entirely, would signal an earlier increase in coupon sizes vs. BofA's November 2025 base case.

QUARTERLY REFUNDING: The US Treasury is offering USD 125bln of securities to refund USD 106.2bln, raising cash of USD 18.8bln (prev. USD 8.6bln Q/Q). Overall, the quarterly refunding was largely as expected, maintaining its nominal coupon and FRN auction sizes, while guidance saw a slight tweak. It expects to maintain nominal coupon and FRN auction sizes for at least the next several quarters, a slight tweak from the prior guidance that "Treasury does not anticipate needing to increase nominal coupon or FRN auction sizes for at least the next several quarters". The removal of the "increase" language, according to the TBAC report, stressed "the Committee felt that any shift in language should not be read to indicate an expected near-term increase in nominal coupon auction sizes". Some members preferred dropping the language altogether to reflect the uncertain outlook, but the majority preferred moderating the language at this meeting, likely to keep optionality open amid uncertainty ahead. It also maintained that the "Treasury plans to address any seasonal or unexpected variations in borrowing needs over the next quarter through changes in regular bill auction sizes and/or CMBs." Looking ahead, analysts will be cognizant of any change in the composition of the Treasury funding with Treasury Secretary Bessent previously expressing a preference for funding through duration as opposed to short-term bills. In TIPS, the Treasury plans to maintain the 30YR TIPS new issue at USD 9bln, increase the 10yr TIPS reopening auction size by USD 1bln to USD 18bln, and increase the 5yr TIPS new issue to USD 25bln. For Bill issuance, the Treasury noted since Jan 21st, the Treasury has been using extraordinary measures to finance the government on a temporary basis, until the debt limit is suspended or increased, debt limit-related constraints will lead to greater than normal variability in benchmark bill issuance and significant usage of CMBs. The buybacks were largely maintained for liquidity support, where it plans weekly ops. of up to USD 4bln per operation in nominal coupon securities, and in longer maturity buckets, to conduct two operations, each up to USD 2bln over the refunding quarter. Overall it expects it will purchase up to USD 30bln in off-the-run securities across buckets for liquidity support (unchanged from Q4), but up to USD 59.5bln in the 1mth to 2yr bucket for cash management purposes (prev. USD 22.5bln).

CHART RIGHT:

There is a strong possibility that 4.72%, which was achieved during Wednesday trading, was the high for the current cycle.

US 10 year surging post payrolls. We are now "decisively" above the range, and there is no real stop until recent highs around 5%. The golden cross we have been pointing out for weeks is well in place. Last time a similar cross occurred, the 10 year gained some 125 bps over a few months. We are up around 70 bps since the latest Golden Cross kicked in.

***10Y UST - TNX - WEEKLY***

CURRENT DAY'S VIEW:

• Yields fell aggressively this week with the QRA announcement.
• The TNX closed Wednesday at 4.421 down-0.093 (-2.06%) for the day and down from Friday at 4.569.
• Price has fallen to the 20 WMA and the downward dotted black trend line marked by the red arrow.
• The Proprietary MATASII Momentum Indicators' (lower pane) support levels, shown by the dotted black line and highlighted by the red arrow, which had been broken to the upside is now looks to need to be retested.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:  SUBSCRIBER LINK

10Y UST - TNX - 01-29-25

Bouncing perfectly on the bigger trend line.

Note the 50 day slightly lower.

Time to focus on bouncy rates again?

***10Y UST - TNX - HOURLY***

CURRENT DAY'S VIEW:

• Yields fell aggressively this week with the QRA announcement, rebounding towards the 144 EMA later in the week.
• The TNX closed Friday at 4.488 down +0.049 (+1.10%) for the day and down from Friday at 4.569.
• The Proprietary MATASII Momentum Indicators' (lower pane) shows the support level (dashed black line) highlighted by the red arrow is now acting as support.

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:  SUBSCRIBER LINK

COMMODITIES

***CRB COMMODITY INDEX - MONTHLY***

CHART RIGHT - 01/18/25

Rising global PMIs = Long commodities > Got Commodities?

• The overall Commodity Indexes, as measured by the CRB Commodity, reflect a Corrective / Consolidation is presently nearing completion.
• However, many of the individual sectors (not shown here) have already completed the Corrective / Consolidation and broken higher over the last 30-60 days.

• Examples:
• Invesco DB Agricultural Fund (DBA)
• VanEck Agribusiness (MOO)
• Food Producers (FT350 Food Producers - NMX45)
• Teucrium Agricultural Fund ETV (TAGS)
• Advisory Shares Restaurant ETF (EATZ)
• Invesco Food & Beverage ETF (PBJ)
• Teucrium Wheat Fund ETV (WEAT)
• Teucrium Corn Fund ETV (CORN)
• Teucrium Soybean Fund ETV (SOTB)
• Teucrium Sugar Fund ETV (CANE)

YOUR DESKTOP / TABLET / PHONE ANNOTATED CHART

Macro Analytics Chart Above:  SUBSCRIBER LINK

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