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- Trading Insights 1/21/26
Trading Insights 1/21/26
Mike Larson
January 21, 2026
Mike Larson | Editor-in-Chief
The term refers to a market where US assets are being sold across the board – stocks, bonds, and the dollar. Simultaneously, safe haven assets like gold and silver are getting bid.
That’s what we saw yesterday, as you can see in the MoneyShow Chart of the Day. It shows the 24-hour performance of the SPDR S&P 500 ETF Trust (SPY), the iShares 20+ Year Treasury Bond ETF (TLT), the Invesco DB US Dollar Index Bullish Fund (UUP), and the SPDR Gold Shares (GLD) through mid-afternoon. GLD was the big standout to the upside with a 3.7% gain, while SPY was the big loser with a 2.3% drop.
Stocks, Bonds, and the Dollar Drop, While Gold Pops
We saw Round One of this back in early 2025, when President Trump’s “Liberation Day” policy announcements fueled significant market turmoil. Now, we’re seeing Round Two thanks to the push to acquire Greenland – and the associated trade and tariff threats out of Washington. Tremors in the Japanese bond market only served to amplify the move out of debt and into precious metals.
Political and business leaders have gathered in Davos, Switzerland this week for the annual World Economic Forum. Trump is headed there soon as well. Depending on what is said and done there, markets could see more volatility – and the Sell America trade could intensify.
But even if it doesn’t, I STILL think the longer-term trends I’ve been talking about for quite some time remain intact (and are worth trading). They include a falling dollar, rising precious metals prices, and relative outperformance for foreign stocks and funds that own them.
From rising private-credit risk to the options-trading boom and AI-fueled rallies, this market keeps taking punches…and bouncing back. But will that continue? And how should you trade smarter when volatility rises?
In this double-length MoneyShow MoneyMasters Podcast episode — recorded live at the 2025 MoneyShow Orlando — David Keller and Steve Sosnick unpack what’s really driving price action. They also explore narrowing leadership, breadth, and momentum deterioration, the rotation into defensives, and how retail “buy the dip” behavior shows up in options flows.
68 Picks from 39 Top MoneyShow Experts. All Yours...Free!
Our flagship annual report – the MoneyShow 2026 Top Picks Report – was just released. And I don’t want you to miss out on the critical intelligence it contains!
This massive report contains 68 investing ideas for 2026 – from 39 of our top MoneyShow experts. It’s the culmination of a decades-long project, whereby each year we survey leading analysts, money managers, strategists, newsletter editors, and other contributing experts. You can access a FREE COPY of the 2026 edition by tapping the button below…
You Checked That Trade 17 Times Yesterday, Didn't You?
👉️ TICKER: SPYSmart traders make consistently stupid decisions – not because they lack knowledge, but because four silent emotions override their best analysis, writes Deron Wagner, founder and head portfolio manager at Morpheus Trading Group.
QQQ: Recent Trading Action Shows a Market in Transition, Not Retreat
👉️ TICKER: QQQ
The S&P 500 Index (^SPX) finished slightly lower last week as headline price paused. But the broader market continued to display underlying strength. On balance, activity reflected a market in transition rather than retreat, with leadership rotating away from funds like the Invesco QQQ Trust (QQQ), observes Buff Dormeier, chief technical analyst at Kingsview Partners.
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