I give it 95% Probability that we saw the TOP in COPPER this week. A drop of 5% more from current levels will seal the outlook. Remember the analysts telling you to go LONG Copper. It has been a dying trade since January. You don't go LONG Copper into a slowing Economy. Now - let's have the Market come up with the verdict!

And @DiMartinoBooth - the remaining 56% was calculated in as if they performed like the 44%. Furthermore, the run-rate was into March 2026 (for the year before) revised down to 16k per month. For 12 months. So - all of the sudden the economy jumps higher while consumers are struggling…? The 162k is extremely biased - and cannot be used - even as a slight indicator for the level. BLS own 90-%-Confidence interval stretches from 40k to 280k. But media and analysts took the number as a stated fact 🤷‍♂️

THE EVIDENCE BOARD How much do we need to see before we accept the uncomfortable conclusion? ".......But the detective’s standard is not the individual clue. It is the totality. And the totality reads as follows: An economy creating fewer jobs than at the entry of any recession in six decades, confirmed independently by a bond market standing at the exact post-inversion stage where every recession of the past forty years began. Sitting on top of it, the most expensive aggregate market ever recorded, run to nearly twice the concentration of the dot-com peak, on more leverage relative to GDP than any mania in history. Held together by credit and volatility compressed to terminal extremes, and by a correlation reading seen only twice in twenty-five years - both times on the eve of historic volatility events. And while the crowd sets participation records reciting “real earnings this time,” the most successful capital allocator alive is 30% in cash, the founder of the world’s largest hedge fund is invoking 1929 by name, and the insiders of the flagship AI company are selling fifteen to zero." It is not about one indicator - or one chart. It is about the totality! Read my article here:

As I said earlier! The most unreliable Macro print we have. Now wait for the massive revisions - which nobody focuses on. For comparison take a look at the table below. The initial print - and the Final revision print. And I can promise you that the economy is not generating 162K jobs per month.