PATIENCE IS LIKE A MUSCLE (Guest: Leslie Harris)

Watch on YouTube ↗  |  June 20, 2026 at 14:01  |  2:29:25  |  The Market Huddle
Speakers
Leslie Harris — Guest, Executive Coach
Kevin Muir — Host, MacroVoices
Patrick Ceresna — Derivatives Specialist, MacroVoices

Summary

Guest Leslie Harris discusses trading psychology and his career with Morris Sachs, then shares his current investments: a basket of commodity producer stocks and emerging market commodity-exporting ETFs. Kevin Muir analyzes the hawkish Fed shift and advocates buying 30-year Treasuries and the yen, while Patrick Ceresna provides technical charts on oil, gold, equities, and energy, arguing for near-term S&P strength and a crude oil recovery.

  • Leslie Harris emphasizes patience, trading less, and focusing on high-conviction ideas.
  • He holds a basket of commodity producers (Noble, Glencore, Vale, Rio, Alcoa) and EM country ETFs as a commodity cycle play.
  • Kevin Muir explains the Fed's hawkish turn under Chair Warsh, noting the Taylor rule is hooking up and price stability is paramount.
  • Kevin is buying 30-year Treasuries now, arguing long bonds like a hawkish Fed, and maintains a long yen position for a risk-off reversal.
  • Kevin bought the crude oil dip, citing strategic petroleum reserve replenishment as a structural demand driver.
  • Patrick Ceresna sees the S&P 500 staying bid through the AI IPO cycle before eventually topping; he is structurally bullish energy stocks.
  • Patrick views the crude oil crash as forced liquidation, expecting recovery toward $85-95.
  • Gold's chart remains distributive with dollar and rate headwinds, while semiconductors continue to rip in a frothy bubble.
Ideas
Leslie Harris Guest, Executive Coach 53:21
Expert commodity producer basket for bull cycle
Commodity markets may be in an early bull cycle. Rather than trading commodities directly, owning a basket of leading commodity producer/marketing companies (Noble, Glencore, Vale, Rio Tinto, Alcoa) provides exposure to the cycle with dividend income and the expertise of professional commodity traders. He remains invested in this wedge of names.
NE GLNCY VALE RIO AA MED
Leslie Harris Guest, Executive Coach 54:51
EM commodity exporters benefit from commodity cycle
The commodity bull cycle should benefit commodity-exporting emerging markets. He has never owned international equities before, but now holds country ETFs for Colombia, Chile, Peru, Africa (mainly South Africa gold miners), Turkey, Israel and India as a different way to play commodities.
ICOL ECH EPU EZA TUR EIS INDA MED
Patrick Ceresna Derivatives Specialist, MacroVoices 81:18
S&P 500 stays bid into IPO cycle
After a 5% correction, the S&P 500 typically resumes its directional move without an immediate second sharp decline. The peace-deal gap neutralized the sell cycle, and with giant AI IPOs (OpenAI, Anthropic) coming in Q3, the market will likely stay bid through the issuance cycle before eventually topping.
SPY MED
Kevin Muir Host, MacroVoices 95:30
Buy long bonds on hawkish Fed
The Fed's hawkish pivot is positive for long bonds because a central bank committed to price stability protects bondholders. The 30-year Treasury yield tested and held 5% major support, the long bond rallied on the hawkish news, and history shows bonds like a hawkish Fed. He believes you can buy 30s now.
TLT HIGH
Kevin Muir Host, MacroVoices 103:47
Long yen for risk-off reversal
A sustained US dollar rally is likely to eventually trigger a risk-off event, and in a risk-off environment the Japanese yen should rally as a safe haven. He remains long the yen despite current dollar strength, expecting the risk-off reversal to pay off.
FXY MED
Kevin Muir Host, MacroVoices 122:00
SPR replenishment drives oil demand higher
The sharp crude oil sell-off was a forced liquidation cascade driven by too many crowded longs, not a fundamental surplus. Inventories remain tight after wartime drawdowns, and oil should recover toward the $85-95 range once forced selling abates and the replenishment cycle begins.
USO HIGH
Patrick Ceresna Derivatives Specialist, MacroVoices 136:08
Long-term bull market in energy stocks
Energy stocks are breaking out of a multi-decade bear market. Structural underinvestment, renewed geopolitical focus on energy security, and a long-term commodity bull cycle support a multi-year bull market in energy equities (XLE), despite potential short-term tactical pullbacks.
XLE HIGH
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This The Market Huddle video, published June 20, 2026, features Leslie Harris, Patrick Ceresna, Kevin Muir discussing NE, GLNCY, VALE, RIO, AA, ICOL, ECH, EPU, EZA, TUR, EIS, INDA, SPY, TLT, FXY, USO, XLE. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Leslie Harris, Patrick Ceresna, Kevin Muir  · Tickers: NE, GLNCY, VALE, RIO, AA, ICOL, ECH, EPU, EZA, TUR, EIS, INDA, SPY, TLT, FXY, USO, XLE