Bob Elliott
· Nonconsensus
· February 01, 2026 at 23:06
· ⏱ 2 min read
| Read on Substack ↗
Summary
=== SUMMARY ===
•The author identifies a relative value opportunity in US stocks, which have lagged the broader rally in financial assets despite strengthening US economic data.
•A core thematic view of "debasement" remains in play, supported by profitable long gold and short US dollar positions in January.
•The upcoming Reserve Bank of Australia (RBA) meeting is a key short-term catalyst, with the author expecting the first rate hike of the cycle, signaling a significant policy shift.
Summary
The author recaps a volatile week in financial markets, which saw a surge to all-time highs followed by a sharp reversal. The focus for the upcoming week is expected to shift to the real economy, with a series of data releases and policy news leading up to the Friday jobs report.
•Financial assets experienced a wild ride last week, surging to all-time highs before a sharp reversal.
•The upcoming week will bring the real economy back into focus.
•Key economic data and policy news are expected, culminating in the jobs report on Friday.