We’re in a global bull market. Trade accordingly.

Today’s issue in preview:

• We’re in a global bull market. Trade accordingly.
• Why you must be long megatrends: The U.S. dollar reaches a multi-year low.
• You’re not bullish on this uptrend. That’s bullish.
• Our recommendations to own Brazil, copper miners, biotech, and Latin America continues paying off.

We’re in a global bull market. Trade accordingly.

A quick look at our Global Trend Tracker today tells a powerful story: It’s a big, broad global bull market in stocks.

Our Global Trend Tracker (GTT) monitors more than 70 ETFs representing all kinds of asset classes, industries, themes, and country stock markets. It gauges their trend status and monitors them for price breakouts that signal emerging trends.

This week, our tracker shows new one-year highs for funds tracking the following countries: Germany, Mexico, Malaysia, Canada, Israel, Brazil, Chile, Turkey, Austria, South Korea, Greece, Spain, United Kingdom, Australia, South Africa, and Colombia. If there were an ETF for the North Pole, it would be at a new high.

Add these highs to the fact that the U.S.-based S&P 500, the Russell 2000, and the Dow Industrials are within a whisker of new highs, and you have a truly global bull market.

Are there big problems and imbalances in the global economy? Absolutely.

There are always big problems and imbalances in the global economy.

Economic growth and rising asset prices are never about getting into a problem-free environment. They’re about being in an environment where the big negatives are overwhelmed by the even bigger positives. Right now, the positives are bulldozing the negatives.

The chief driver of higher stock prices right now? It’s that many governments are printing money and spending big to pump up their economies and manage large debt loads. This devalues paper currencies… but stocks often rise in response.

For better or worse, these actions are pushing stock prices higher. It’s a very strong trend I expect to continue. If you agree, you can pick individual stocks or countries… or just buy the whole world with a “global stock” ETF such as the Vanguard Total World Stock ETF (VT). As you can see in the chart below, it’s going up. The world is in a bull market.

Why you must be long megatrends: The U.S. dollar reaches a multi-year low

Speaking of foreign stock markets going up and currencies being devalued, it’s time to check in on the big trend in the U.S. dollar.

In 2003, I placed over half of my net worth into physical gold. Since making that bet, gold is up about 1,200%, far outperforming stocks. I haven’t sold one ounce along the way. Recently, gold broke above the key $5,000 level.

And now, all these years later, the best reason I can find to be bullish on gold is the same reason why I bought gold in the first place:

The governments of most Western nations have promised far too many things to far too many people. They are spending far more on taxpayer benefits and wars than they collect in tax revenues.

The related debts and obligations governments have taken on cannot be paid back with sound money. They can only be paid back with debased, devalued money… much of which is created out of thin air. This is driving inflation and significant currency debasement. Put differently, prices are going up because the value of our money is going down.

You can see the results of debasement in the five-year chart of the U.S. dollar below. As you can see, the dollar has gradually declined since 2022… and just this week, broke down to a multi-year low.

This decline is helping to drive foreign stock markets higher. Foreign stocks often rise when the dollar falls because of the “currency translation” effect. When foreign currencies appreciate, investments in those countries and revenues generated there become worth more.

I doubt the trends driving the dollar lower will lose steam any time soon. No politician who promises reduced government spending and reduced benefits can win a major election. Too many voters have a vested interest in seeing the spending, the borrowing, and the money printing continue.

This means the dollar likely continues heading lower… and staying long megatrends such as gold, critical resources, and booming industries is critical to preserving the purchasing power of your savings.

You’re not bullish on this uptrend. That’s bullish.

Another day goes by, and another signal from the market that our September 29 bullish call on oil was very well-timed.

On September 29, we highlighted the emerging leadership of oil and gas stocks and stated it’s time to be long this sector.

The bull case for oil stocks is simple. As the global economy grows, oil demand will remain solid. However, importantly, U.S. shale oil production growth appears to be peaking.

Flatlining supply from this region would remove a critical and reliable source of production growth that has been in place for more than a decade. Plus, oil is very cheap relative to gold and other assets, indicating good value in oil.

With all that in mind, we’ve written frequently and bullishly about owning Canadian oil giant Suncor (SU), U.S. oil giant ExxonMobil (XOM), and the S&P Oil & Gas Equipment & Services ETF (XES).

You can forecast higher prices for a commodity or industry until you’re blue in the face, but if the market disagrees with you and sends prices lower, then the forecast isn’t worth a hell of a lot.

In this case, however, the forecast is paying off well. So far in 2026, it seems oil stocks are going up every day. This week, many of them hit one-year highs. Since our September call, the XES fund is up 31.5% (a 95% annualized rate).

Going forward, the investment public is largely indifferent towards the oil and gas uptrend. Compared to other assets, oil is still dirt cheap. And trends tend to persist, so I expect the sector to trade higher over the coming months.

Market Notes

• Our longstanding recommendation to own copper stocks to play AI and electrification is paying off like a broken slot machine. The Global X Copper Miners ETF (COPX) reached a new all-time high today. It’s up 135% over the past 12 months.
• AI semiconductor equipment giant ASML (ASML) reached a new all-time high today. The AI bears continue to be wrong.
• Biotech giant Amgen (AMGN) reached a new all-time high today. Our recommendation to own biotech continues to pay off.
• Brazilian fintech leader Nu Holdings (NU) reached an all-time high today. Our recommendation to own Brazil is paying off very well.
• Our Latin America trade continues to be a winner. The iShares Latin America 40 ETF (ILF) – which is essentially the “S&P of South America” – advanced to a new all-time high today.
• The VanEck Agribusiness ETF (MOO) reached a new one-year high today. The agriculture sector is joining the broader natural resources bull market.

Regards,

Brian Hunt
Editor, Money & Megatrends