The S&P fell less than 5% from its June highs to last week’s lows, and when it pivoted higher, it rallied nearly 7% to new record highs. The Toronto Composite Index closed on its lows last week (after reaching record highs on Tuesday), but surged higher after the Canadian long weekend and closed this week at new record highs. In last week’s Notes, I wrote: I have written about a possible turn higher in the Yen several times over the past year. My friend, Kevin Muir, The Macrotourist on Substack, published a piece yesterday explaining why he is now buying gold and gold mining shares. The ArchiveReaders can access any of the weekly Trading Desk Notes from the past six years by clicking here.