The Wrap: Everything’s Stretched — Fear High, Valuations Higher, Downside Convexity Explosive

Could use a pause

MAG has come a long way. Note we are trading close to the upper trend line. Channel lows and the 50 day are way lower... not to mention the 200 day. At the peak of the 2024 melt-up, MAG sat about 28% above its 200-day. We're right back there again. Full note here.