시장이 당신에게 선물을 건넸을지 모른다. 대부분의 투자자들은 너무 혼란스러워서 그 선물을 집어들지 못한다.

THE DAILY H.E.A.T. Torching Wall Street’s Obsolete Playbook. Delivered straight to your inbox 5 days a week. Subscribe Home Posts The Market May Have Just Handed You a Gift. Most Investors Are Too Confused to Pick It Up. The Market May Have Just Handed You a Gift. Most Investors Are Too Confused to Pick It Up. Mar 24, 2026 I’ve been a trader and investor for 44 years. I left Wall Street long ago—-once I understood that their obsolete advice is designed to profit them, not you. Today, my firm manages around $4 billion in ETFs, and I don’t answer to anybody. I tell the truth because trying to fool investors doesn’t help them, or me. In Daily H.E.A.T. , I show you how to Hedge against disaster, find your Edge, exploit Asymmetric opportunities, and ride major Themes before Wall Street catches on. Table of Contents What Iran Tells Us About UFO Disclosure When governments confront unknown threats in their … See the UFOD holdings: thetruthisoutthereufod.comD … H.E.A.T. Gold Didn’t Fail — Your Timeline Did Why gold sold off when it “should” have rallied Now the real opportunity: the miners The playbook: how I’d position it What would make this “not the buy” Bottom line News vs. Noise: What’s Moving Markets Today In Case You Missed It What Iran Tells Us About UFO Disclosure When governments confront unknown threats in their airspace, defense budgets surge and the same aerospace and surveillance companies move hardest. On March 2nd, Northrop jumped 6% and Lockheed 3.3% on the Iran news — and President Trump has since ordered the formal release of government UAP files, with the Pentagon confirming compliance. So if a conventional conflict can move these stocks this fast, what happens when the bigger story breaks? See the UFOD holdings: thetruthisoutthereufod.com Distributor: Foreside Fund Services | Investing involves risk including possible loss of principle. H.E.A.T. Gold Didn’t Fail — Your Timeline Did A war escalates. Energy risk spikes. The world gets uglier by the hour. And gold drops. If you’re confused, good. That means you’re paying attention — and you’re not trapped in the “headline trade.” Because here’s the uncomfortable truth most investors learn the hard way: The first trade in a crisis is almost never the right trade. Gold tends to spike before the event (anticipation + fear bids), and then sell off after (profit-taking + forced de-risking). That’s not gold “failing.” That’s markets doing what markets do. Why gold sold off when it “should” have rallied In a real risk-off moment, investors don’t sell what they hate… they sell what they can. That means the most liquid stuff in the portfolio gets hit first — even if it’s the “right” hedge long-term. Three mechanics usually drive the post-headline dip: 1) The dollar squeeze. In stress, global capital often runs to USD. Since gold is priced in dollars, a stronger dollar can pressure gold in the short term — even if “gold in real terms” is doing its job. 2) The rate/real-yield reset. When energy shocks flare, the market starts gaming out: “Higher oil → stickier inflation → fewer rate cuts.” That lifts yields and raises the short-term opportunity cost of holding a zero-yield asset. 3) The liquidity / margin-call trade. Funds de-gross. They reduce exposure. They raise cash. Gold and miners get sold not because the thesis broke — but because they’re liquid, profitable, and easy to trim. That’s the real explanation for the head-scratching tape. Now the real opportunity: the miners Gold can be a “safe haven” and miners can still get wrecked — because miners trade like risk assets in the short run. And right now, the market is punishing miners for one fear above all: Oil. Diesel is a meaningful input cost in mining. So when crude spikes, the knee-jerk reaction is: “Costs explode, margins collapse, sell the miners.” But here’s where that narrative gets sloppy… Even using rough industry rules of thumb, a big oil move typically translates into a much smaller move in all-in sustaining costs (AISC). The market tends to price miners as if every $10 move in oil vaporizes the business — when in reality, it usually compresses margins at the edges. And at today’s elevated gold prices, many producers are still printing supernormal cash flow even if costs rise. So the question isn’t “are costs going up?” They are. The question is: did the market already overprice that risk in two weeks of panic? If gold holds its broader uptrend, miners don’t need perfection. They just need “less bad” cost reality — and a return of risk appetite when the tape stops feeling like a liquidation event. The playbook: how I’d position it Bucket 1: Core “sleep at night” exposure If you want the thesis without operational blowups, stick to the cleaner vehicles: Gold: GLD or IAU Royalty/streamers: FNV / WPM (less operational risk, more margin stability) Bucket 2: The torque trade (when the turn hits) When miners snap back, they don’t jog — they gap: GDX (large-cap miners) GDXJ (higher beta, more volatility) Bucket 3: The silver kicker (if risk-on returns) Silver is both monetary and industrial. It usually underperforms on fear… then overperforms in the rebound: SLV / PSLV as the simple expression What would make this “not the buy” Let’s be honest about the risk. This setup fails if: Real rates keep ripping higher (persistent opportunity-cost headwind) The dollar turns into a structural wrecking ball (not just a short squeeze) Gold loses key technical support and breaks trend (then miners can keep bleeding) Bottom line Gold didn’t “fail” this week. The crowd just ran the same crisis script they always run: Buy the fear… then sell the liquid winners to raise cash. If you’re long-term bullish on gold, these miner flushes are the moments you’re supposed to act like a collector, not a chaser. Because the easy money in this trade doesn’t come from buying gold when everyone is calm. It comes from buying the miners when the world feels untradable — and the market is pricing diesel like it’s the end of the business. ETF News MEMY Holdings Update: We’ve sold UIPath (PATH) and added Pan American Silver (PAAS) (all 5% positions). For a full list of MEMY holdings, visit: https://incomeblastetfs.com/etf/memy Distributor: Foreside Fund Services, LLC As Trump Readies an Alien Announcement, Buy This 1 ETF Now to Invest in UFOs www.barchart.com/share/news/900335/as-trump-readies-an-alien-announcement-buy-this-1-etf-now-to-invest-in-ufos News vs. Noise: What’s Moving Markets Today Great way to start the morning, we go from massively red to massively green. Perhaps the most obvious trade ever was that the initial rally would be faded, which it was, but markets still closed up over 1%. So far this morning things look flat, but oil is up. We’ve been focusing you on the 200 day moving average on the S&P 500, and yesterday’s action was somewhat bearish. The index attempted an undercut and rally that failed…… Here’s the big problem though. My investing framework is as follows: Determine the top themes today and tomorrow Determine the main winners, suppliers to the winners, and the asymmetrical plays within those themes Use charts to determine when to enter those names Use charts to determine when to increase or decrease my hedges I love charts, they tell you what the majority is doing. I may like a stock, but the chart will tell me when other people are liking it also. However, during a period like this you get massive selling of anything that isn’t nailed down, and then you get massive buying. You have no idea if a stock is selling off because investors don’t like it, or because investors need to raise cash. Same on the upside. So I say that because I am pointing out a bearish pattern in the S&P 500, but it could reverse in a moment from one tweet. Bottom line, make sure you have hedges in place. If this rally does continue, I have some thoughts on covered call strategies….. A Stock I’m Watching Today’s stock is Pan American Silver (PAAS)….. No secret at this point that I like the precious metals here and this is one of my favorite silver miners. Looks to be trying to hold this $45 level. If it made a new low, or broke below the 200 day moving average, then it may change my thesis. In Case You Missed It I had the pleasure of talking to Dividend Degenerates on why I like put spreads better than covered calls for income….. The H.E.A.T. (Hedge, Edge, Asymmetry and Theme) Formula is designed to empower investors to spot opportunities, think independently, make smarter (often contrarian) moves, and build real wealth. The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades. TCM is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.© 2026 Tuttle Capital Management, LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved. 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