Uranus surpassed

Tuesday 2 June 2026

I haven’t seen this since 2000. TME with the charts.

Perfection prevails

Our 1997 analogy remains the chart that keeps us from turning outright bearish. There are plenty of tempting short signals out there, but markets driven by momentum and speculation rarely stop simply because they look expensive.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.