This weekend update highlights a continued divergence between rising stock markets and weakening consumer sentiment. U.S. markets are pushing to new highs while Canadian markets remain flat, supported by rising gold stocks and slightly weaker energy stocks. The Michigan Consumer Sentiment Index has fallen to a new all-time low, reinforcing the presenter’s view that markets are disconnected from real-world economic conditions and that this is an unusually risky time to deploy new capital.
Semiconductor stocks remain the dominant force, but the sector is described as extremely overbought by multiple technical measures reminiscent of the dot-com era. While Nvidia, Intel, and Micron continue to rally, the outlook warns of a potential pullback. The video also covers oil prices, global uncertainty, the VIX, and sector performance across U.S. and Canadian markets, emphasizing caution while monitoring key technical levels for signs of a market shift.
Stephen Whiteside
Sunday, May 10, 2026
