Staying Grounded in a Market Driven by Emotion and Extremes

In my conversation with Dave Keller, I walked through what we’re seeing unfold in the 2026 market from a purely technical perspective. We’ve had a powerful, euphoric run in precious metals, followed by a sharp shift in behavior that signals a potential reset phase. This type of price action is not unusual when markets become stretched, and historically, these blow-off moves tend to unwind before the next sustainable advance begins. I also touched on the shifting correlations between metals and equities, which can often confuse investors who rely on traditional relationships rather than focusing on actual price trends. For me, it always comes back to reading price action and momentum, because that is where the truth of the market lives, not in headlines or narratives.

One of the key themes we discussed is discipline, and I used the analogy of flying an airplane with a damaged wing. When something is off, you don’t rely on instinct or emotion; you follow a checklist and stick to proven rules. Investing is no different. This is where the Asset Revesting philosophy comes into play: holding assets in confirmed uptrends and stepping aside when conditions deteriorate. It removes the emotional decision-making that often leads to large drawdowns. Right now, one of the most important charts I’m watching is the US Dollar Index around the 100-101 level. A breakout there could act as a pressure point across equities and metals, potentially triggering the next major shift in market conditions. In general, when we see these types of setups, they can signal a transition period where risk management and patience become far more important than chasing short-term moves.

Sign up for my free Investing newsletter here

The topics Dave and I discussed include:

• 00:00 Intro teaser – Flying airplanes and trading discipline
• 01:59 Welcome and guest introduction: Chris Vermeulen at The Technical Traders
• 03:04 Navigating 2026 volatility and the precious metals market
• 06:47 The shifting correlation between gold, silver, and equities
• 09:51 The importance of discipline and trading strategy
• 18:16 Analogies from the cockpit: What investors can learn from pilots
• 22:38 Managing earnings season and letting the news dance around us
• 24:59 Asset Revesting in today’s market environment
• 28:35 The one chart to watch: US Dollar Index
• 31:43 Episode wrap-up and key takeaways

Chris Vermeulen
Chief Investment Officer
TheTechnicalTraders.com

MY FREE INDICATORS IN MY BOOKS

Disclaimer: This email is intended solely for informational and educational purposes and should not be construed as personalized investment advice. Technical Traders Ltd. and its affiliates are not registered investment advisers with the U.S. Securities and Exchange Commission or any state regulator. The content provided does not constitute a recommendation to buy, sell, or hold any security, commodity, or financial instrument. All opinions expressed are those of the authors and are subject to change without notice. Any financial instruments mentioned may be held by Technical Traders Ltd. or its affiliates at the time of publication, and such positions may change at any time without notice. Readers are solely responsible for their own investment decisions. We strongly encourage consulting with a licensed financial professional before making any trading or investment decisions. Performance results referenced may include both live trading data and backtested or hypothetical performance. Hypothetical performance results have many inherent limitations and do not reflect actual trading. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Testimonials and endorsements included in this communication may not be representative of all users’ experiences and are not guarantees of future performance or success. We may receive compensation from affiliate links or promotional content in this communication. Any such compensation does not influence our editorial integrity. By reading or subscribing, you acknowledge that the content provided is general market commentary and not tailored to any individual’s financial situation. Past performance is not indicative of future results. Investing involves risk, including the potential loss of capital.