<p>上周的紧张情绪在金属市场看来是短暂的……宏观和盈利主导市场</p>
<p>![](https://substackcdn.com/image/fetch/$s_! 1U1O!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68ab7915-cb84-43d8-9bfa-006e9b053a2d_1338x758.png)</p>
<p>周一买盘强劲回归，使标普 500 指数创下新高，尽管罗素 2000 指数的卖压仍然潜伏在表面之下。我们现在正重新进入一个强势期，整体的逢低买入仍在继续。</p>
<p>中央银行和政策行动的持续支持帮助市场在对银行储备、回购问题和地缘政治紧张局势的担忧中保持稳定。随着纳斯达克回归风险和反转可能性的平衡，很难让标普 500 的顶尖表现者下滑。</p>
<p>市场的持续波动表现为特定行业的快速反应和剧烈反转，随后是</p>
<p>但我必须强调。从流动性角度来看，市场似乎在按预期运作。围绕商品的投机仍然猖獗，尤其是在国家政策如新项目 Vault 倡议的支持下。</p>
<p>银价飙升，铜价因中国供应增加的消息而反弹，美国现在正寻求加速其稀土战略储备。这将重新点燃关于格林兰和委内瑞拉的讨论。</p>
<p>与此同时，消费防御类股票——通常在我们进入这些金融周期的后期时表现良好——在过去三个月中成为第三大表现最好的行业，超越了技术股和周期性股票，而后者通常与流动性周期的建立更为相关。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! u_ks!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F974dbacb-626b-4bb5-8c3b-f93065f0b783_1058x376.png)</p>
<p>Finviz</p>
<p>仅供更新……</p>
<p>距离我们列出 2026 年强 F 评分、低 Graham 数和 20 日 EMA 的股票名单已经一个月。这是一个忙碌的分析月……所以我将在本月开始回顾这些股票和交易策略。Farm Partners (FPI) 和 Cal-Maine (CALM) 引领了这波行情。如果你持有 FPI，请注意该股票已进入超买水平……</p>
<p><em>(点击图片放大)</em></p>
<p>![](https://substackcdn.com/image/fetch/$s_! jND2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa088724-8f66-4956-bade-eeddd6f06a20_1894x1032.png)</p>
<hr/>
<p><em>更多来自此作者的内容：</em></p>
<p>我与 StockTwits 关于黄金、白银和货币政策的对话……</p>
<p>超级干燥的美联储分析</p>
<p>本周末需考虑的图表</p>

<p>乐观情绪在贸易协议和 Palantir 的表现上升，尽管罗素 2000 指数面临潜在的卖压，标普 500 指数仍然创下新高。中央银行的支持和政策行动在银行和地缘政治担忧中稳定了市场。白银和铜等商品正在获得关注，而消费防御类股票的表现优于科技股和周期性股票。对 2026 年股票的审查正在进行中，Farm Partners 和 Cal-Maine 处于领先地位，尽管 FPI 目前已进入超买区域</p>

<p>Last week's jitters look short-lived on metals... macro and earnings dominate</p>
<div class="lb-trans"><p>上周的紧张情绪在金属市场看来是短暂的……宏观和盈利主导市场</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!1U1O!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68ab7915-cb84-43d8-9bfa-006e9b053a2d_1338x758.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!1U1O!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68ab7915-cb84-43d8-9bfa-006e9b053a2d_1338x758.png"/></p>
<p>Strength in buying returned on Monday, bringing the S&amp;P 500 to new highs, although selling pressure in the Russell 2000 remains under the surface. We are now pushing back into a period of some strength, as dip-buying continues across the board.</p>
<div class="lb-trans"><p>周一买盘强劲回归，使标普 500 指数创下新高，尽管罗素 2000 指数的卖压仍然潜伏在表面之下。我们现在正重新进入一个强势期，整体的逢低买入仍在继续。</p>
</div><p>The ongoing support from central banks and policy actions has helped steer markets amid concerns about banking reserves, repo issues, and geopolitical tensions. With the Nasdaq pulling back toward equilibrium on risk and reversion possibilities, it’s hard to keep the top performers on the S&amp;P 500 down.</p>
<div class="lb-trans"><p>中央银行和政策行动的持续支持帮助市场在对银行储备、回购问题和地缘政治紧张局势的担忧中保持稳定。随着纳斯达克回归风险和反转可能性的平衡，很难让标普 500 的顶尖表现者下滑。</p>
</div><p>The ongoing yo-yo effect of markets has been quick reactions and sharp reversals in specific sectors, followed by the</p>
<div class="lb-trans"><p>市场的持续波动表现为特定行业的快速反应和剧烈反转，随后是</p>
</div><p>But I must stress. From a liquidity perspective, the markets appear to be behaving in line with expectations. Speculation around commodities remains rampant, especially when backed by national policy like the new Project Vault initiative.</p>
<div class="lb-trans"><p>但我必须强调。从流动性角度来看，市场似乎在按预期运作。围绕商品的投机仍然猖獗，尤其是在国家政策如新项目 Vault 倡议的支持下。</p>
</div><p>Silver has surged, copper is bouncing on news of Chinese supply building, and the U.S. is now seeking to accelerate its own strategic reserves of rare earths. This will reignite conversations about Greenland and Venezuela.</p>
<div class="lb-trans"><p>银价飙升，铜价因中国供应增加的消息而反弹，美国现在正寻求加速其稀土战略储备。这将重新点燃关于格林兰和委内瑞拉的讨论。</p>
</div><p>All the while, consumer defensive stocks - which typically start to do well as we move on the backside of these financial cycles - have been the third-best-performing sector over the last three months, outperforming technology and cyclicals, which are typically more aligned with the building of a liquidity cycle.</p>
<div class="lb-trans"><p>与此同时，消费防御类股票——通常在我们进入这些金融周期的后期时表现良好——在过去三个月中成为第三大表现最好的行业，超越了技术股和周期性股票，而后者通常与流动性周期的建立更为相关。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!u_ks!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F974dbacb-626b-4bb5-8c3b-f93065f0b783_1058x376.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!u_ks!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F974dbacb-626b-4bb5-8c3b-f93065f0b783_1058x376.png"/></p>
<p>Finviz</p>
<div class="lb-trans"><p>Finviz</p>
</div><p>Just an Update…</p>
<div class="lb-trans"><p>仅供更新……</p>
</div><p>It’s been a month since we laid out a list of equities for 2026 with strong F scores, low Graham numbers, and the 20-day EMA. It’s been a busy month of analysis… so I will start circling back on those names and this trading strategy this month. Farm Partners (FPI) and Cal-Maine (CALM) have led the charge. If you’re in FPI, just note that the stock has moved into overbought levels…</p>
<div class="lb-trans"><p>距离我们列出 2026 年强 F 评分、低 Graham 数和 20 日 EMA 的股票名单已经一个月。这是一个忙碌的分析月……所以我将在本月开始回顾这些股票和交易策略。Farm Partners (FPI) 和 Cal-Maine (CALM) 引领了这波行情。如果你持有 FPI，请注意该股票已进入超买水平……</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!jND2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa088724-8f66-4956-bade-eeddd6f06a20_1894x1032.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!jND2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faa088724-8f66-4956-bade-eeddd6f06a20_1894x1032.png"/></p>
<hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的内容：</em></p>
</div><p>My Conversation With StockTwits On Gold, Silver, And Monetary Policy...</p>
<div class="lb-trans"><p>我与 StockTwits 关于黄金、白银和货币政策的对话……</p>
</div><p>Super Dry Federal Reserve Analysis</p>
<div class="lb-trans"><p>超级干燥的美联储分析</p>
</div><p>Charts To Consider This Weekend</p>
<div class="lb-trans"><p>本周末需考虑的图表</p>
</div>

Optimism Builds On Trade Deal And Palantir Beat

- 上周市场情绪短暂回落，周一 S&P 500 创新高。  
- 中央银行的支持和政策行动稳定了市场，商品投机增加。  
- 消费防御类股票在过去三个月表现突出，超越科技股和周期股。

乐观情绪因贸易协议达成和 Palantir 业绩超预期而增强