Every day, we sift through the filings to spot where the real conviction lies – cutting through the noise to highlight the most meaningful insider moves.

Here's what stood out today:

📌 Perimeter Solutions $PRM – Windacre Partnership filed a Form 4 for $3.56 million.

They’re known for concentrated bets, and this is a solid size for a specialty chemicals stock completing a multi-year base.

When Windacre shows up, it’s rarely passive.

📌 Gamestop $GME – Director James Grube filed a Form 4 for $132,000.

Not giant, but Gamestop is never boring.

Insider buying at these levels is notable, especially as the meme-fueled volatility calms down.

Here’s The Hot Corner, with data from July 1, 2025:

Click the table to...

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We continue to see major indexes and key sectors pressing to fresh all-time highs.

This year, it’s all been about sector rotation — the steady flow of money into fresh leadership that keeps the trend moving.

And right now, Financials are stepping up in a big way.

When we talk about areas poised to benefit from this rotation, banks are at the top of the list.

Our custom, equally weighted index of the six biggest US banks is now joining the growing list of indexes breaking out to new all-time highs.

You have probably heard me talk about the Three B’s before.

It stands for banks, biotechs, and builders, and is a fun and convenient acronym I use when discussing the most interest rate-sensitive stocks.

These groups could not be more different, but they share a key similarity in the sense that they all move in synchrony with the bond market.

Biotechs are some of the longest-duration equities, so lower rates boost their valuations. It also allows these chronic cash-burners to access capital cheaply.

Builders sell houses, and lower rates are the key demand driver, so that one is obvious.

And banks are new to the lower rates list. 

We used to say banks want higher rates, or a higher spread—it’s how they make money. However, that changed recently as asset-liability matching issues arose from lending operations during the last rate-...

Today's number is... 38

38 is how many Golden Crosses — where the 50-day moving average crosses above the 200-day — have triggered in the S&P 500 since 1950. 

The most recent signal was just yesterday.

Here’s the chart and stats table:

Let's break down what the chart and table show:

• The blue and red lines are the 50-day and 200-day moving averages of the S&P 500 Index.
• The gray lines mark each Golden Cross in the S&P 500 since 1950.
• The table displays the average forward returns following all 38 Golden Crosses over the past 75 years. 

The Takeaway: Golden Crosses are a bullish tailwind, not a contrarian fade.

The signal just triggered — not in fear, but in strength. Price is near all-time highs.

They don’t guarantee gains, but they tip the odds meaningfully in favor of higher prices.

Across all 38 signals, the median one-year return is +13.0%, with 81% of outcomes finishing in the green. 

Average returns build steadily over time: 1.2% after 21 days...

From the Desk of Steve Strazza @Sstrazza and Ricardo Sarraf @nullcharts

When investing in the stock market, we always want to approach it as "a market of stocks."

Regardless of the environment, there are always stocks showing leadership and trending higher.

We may have to look harder to identify them depending on current market conditions. But there are always stocks that are going up.

The same can be said for weak stocks. Regardless of the environment, there are always stocks that are going down, too. 

We already have multiple scans focusing on stocks making all-time highs, such as Hall of Famers, Minor Leaguers, and the 2 to 100 Club.

We filter these universes for stocks that are exhibiting the best momentum and relative strength characteristics. 

Clearly, we spend a lot of time identifying and writing about leading stocks every week, via...

Analog charts are fun. 

They can scare and excite investors unlike any other.

But, here's the thing about drawing rigid comparisons to the past... 

It's never going to be like 1987. Or 2017. The next crash and market turn won't look like the dot-com bubble or the financial crisis. 

It will look the 2025 market. The one we're in now.

History never really repeats. It just rhymes and follows familiar rhythms.

And that is why we study charts like the one below.

This one is from Grant— He's our numbers guy. And he's the best in the business when it comes to studies and visuals like this one.

He is...

Copper just made history.

The price closed June with its highest monthly close ever.

We have the data:

Copper futures are printing fresh all-time highs after resolving a prolonged accumulation pattern.

And when copper moves, it isn’t just about metals—it’s about yields, growth, and what comes next.

Next up is a chart of the Copper/Gold ratio versus the 10-year yield. 

Forget the recent noise, for decades, long-term yields have followed the Copper/Gold ratio. 

When Dr. Copper outperforms, yields rise. 

Every time.

Why? Because copper is associated with construction, production, and demand. 

It’s the heartbeat of the real global economy. 

Gold is fear. Copper is action.

When Copper leads, the market’s not bracing for collapse. Instead, it’s pricing in growth.

This is one of the biggest divergences we've ever seen:

In recent years, the Copper/Gold ratio and the 10Y yield have carved out one of the largest divergences in history.

And now we're seeing early signals that the ratio is going to reverse higher...

In today’s Daily Digest, we’ll review the following:

1. New position in EFA.
2. No adjustments are needed today.
3. No exits since the last report.
4. Current status of open campaigns.
5. Volatility Snapshot.

Let’s dig in!

There weren’t any S&P 500 earnings reactions yesterday…

But we did get fresh monthly and quarterly closing data, and one industry group is demanding our attention.

Cybersecurity.

This has become one of the most powerful secular themes in tech, and it’s only gaining momentum.

As digital threats become increasingly sophisticated, companies and governments are being compelled to invest heavily in protecting their data, systems, and users. 

From ransomware payouts to state-sponsored espionage, the battlefield is expanding, and the stakes have never been higher.

In today’s cloud-first world, there’s more surface area to defend than ever before.

This isn’t a cyclical trade.

It’s structural...

It’s global...

And it’s urgent!

The result? Cybersecurity is now one of the fastest-growing categories in enterprise IT.

Budgets are rising, and the revenue is sticky.

The opportunity set for leading cyber firms is expanding rapidly.

This is where real money will be made over the next decade.

Let’s break down the charts and highlight one stock that’s already starting to separate from the...

Every day, we sift through the filings to spot where the real conviction lies – cutting through the noise to highlight the most meaningful insider moves.

Here's what stood out today:

📌 Cidara Therapeutics $CDTX – RA Capital Healthcare Fund filed a Form 4 for $100 million.

That’s not a trade – it’s a statement.

RA is one of biotech’s sharpest players, and this kind of size is the ultimate tell, especially after the stock has doubled in 2025. 

📌 Kymera Therapeutics $KYMR – Julian Baker just filed a $28.84 million Form 4.

When Baker Bros start writing checks this big, it usually isn’t for fun.

A monster-sized vote of confidence in the biotech space for a stock completing a multi-year base deserves attention.

Here’s The Hot Corner, with data from June...

Today's number is... 6

We’re 6 months into 2025, and the S&P 500 just closed at an all-time high… up 5.49% YTD.

But under the surface, it’s a very different story.

Here’s the chart:

Let's break down what the chart shows:

• Each bubble represents a stock in the S&P 500, plotted by 2025 Year-To-Date performance (y-axis).
• Green bubbles = gain in 2025.
• Red bubbles  = loss in 2025.
• Bubble size = market cap.
• Stocks are grouped by sector (x-axis).

The Takeaway: At the halfway mark, the surface looks strong, but the internals tell a different story. 

Just 222 stocks in the S&P 500 have outperformed the index so far in 2025. That means 281 are lagging behind. 

The average stock is up only 3.95%, well below the index itself. 

This gap highlights narrow leadership, with a small group of large-cap winners doing most of the heavy lifting.

Industrials are packed with winners, led by names like HWM, which is up more than 60% this year. 

In Technology, WDC is one...

It has been a blockbuster year for precious metals, and the latest monthly and quarterly closes reiterated it.

The entire precious metals complex is breaking out of long-term bases. 

These patterns are the classic signature of new secular bull markets. 

Gold rang the bell first, but now its peers are joining the charge.

Let’s dive into what the data is showing us.

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During true bull markets, it’s normal for investors to creep further out on the risk curve in search of alpha. 

Money managers do this as an effort to keep up with their benchmark. 

Retail investors and traders do it… well, because it’s just human nature. 

You see, if everything is going up, you need to own the stuff that’s going up the most in order to outperform. 

And that’s what the good times are all about. 

For this reason, the relative trend in high beta stocks is packed with information about risk appetite. 

If it’s a bull market and investors are embracing risk to drive performance, we’ll see it in the price action. High beta...

I had a thought this morning while considering a few trades:

Maybe part of why I still struggle at trading sometimes is because there’s a part of me that really, really wants to follow an instruction manual to be successful.

In other areas of my life, that mindset serves me well.

I don’t know how to cook—but give me step-by-step directions, and I thrive. When we used to get HelloFresh boxes delivered, I crushed those meals. I followed the instructions, made something delicious and useful for my family, and felt like a total champ.

Following the instructions = success. I like that. I crave that.

But trading isn’t like that.

I can lay out a well-thought-out plan—how to select the trade, how to size it, how to manage it—and still lose money.

The market doesn’t care that I followed the recipe.

There’s no gold star just for executing cleanly.

And yeah, I know a successful outcome in trading is supposed to mean I followed my plan with discipline. I know.

But that doesn’t make a loss feel any better. Which leads to the uncomfortable question I’ve been sitting with:

If I only thrive when I have a proven...

You’ve probably heard the phrase “Wall of Worry".

It’s when the stock market keeps grinding higher, even when everything and everyone screams it shouldn’t.

Whether it’s geopolitical tensions in the Middle East, trade wars, rate cut debates, or even how bad the economy supposedly is.

None of this has stopped this market from doing what it’s been doing lately.

The S&P 500 just joined the growing list of indexes around the world that are printing fresh all-time highs.

This recent rally has been built on fear. On headlines convincing people that stocks can’t go higher. And yet… they do. Over and over again.

What’s more bullish than that?

Seriously.

New highs don’t happen in downtrends. Period.

This is exactly what healthy market environments look like.

The crowd waiting for the perfect pullback just keeps getting left...

From the Desk of Steve Strazza @Sstrazza

Welcome to The Minor Leaguers.

We've had some great trades come out of this small-cap-focused column since we launched it back in 2020 and started rotating it with our flagship bottom-up scan, Under the Hood.

For the first year or so, we focused only on Russell 2000 stocks with a market cap between $1 and $2B.

That was fun, but we wanted to branch out a bit and allow some new stocks to find their way onto our list.

We expanded our universe to include some mid-caps.

Nowadays, to make the cut for our Minor Leaguers list, a company must have a market cap between $1 and $4B.

And it doesn't have to be a Russell component — it can be any US-listed equity. With participation expanding around the globe, we want all those ADRs in our universe.

The same price and liquidity filters are applied. Then, as always, we sort by proximity to new...