Archive - Early Morning with Dave

Cheap Credit and Tech Enthusiasm Power the Rotation Trade

Small caps melt up as the K-shaped cycle sustains cheap financing and strong profit growth.

20 hrs ago • David Rosenberg

Trump’s Dovish Turn on Iran Rhetoric Sends Oil Sharply Lower

From Iran super-hawk to semi-dove in 24 hours, President Trump gives the oil market whiplash.

Jan 15 • David Rosenberg

U.S. Futures Falter and Precious Metals Soar Further on Rising Geopolitical Tensions

Trump's latest attack on the Fed and myriad of populist polices receive a “thumbs down” for equities and a “thumbs up” for gold and silver.

Jan 14 • David Rosenberg

The Takaichi Trade Is Back on the Radar Screen - The Nikkei Surges and JGB Yields Pop

The re-emergence of the Takaichi trade pushes the DOJ criminal probe of the Fed off the front pages.

Jan 13 • David Rosenberg

The DOJ (Very Likely with a White House Nod) Ups the Ante on the Fed File and U.S. Markets Respond Negatively

DOJ subpoena on the Fed met with a “thumbs down” by investors, though gold and silver love the heightened risks.

Jan 12 • David Rosenberg

Geopolitics and Commodities Briefly Take a Back Seat as Payrolls Loom

Abundant liquidity still underpins risk appetite, but widening economic and political cracks will test the market’s complacency.

Jan 9 • David Rosenberg

Geopolitical Whiplash from Caracas to Tokyo

The “Donroe Doctrine” is a strange fit for a global oil supply glut

Jan 8 • David Rosenberg

Asia's Impressive Winning Streak Comes to an End

U.S. oil drillers and refiners come out the big winner from Donald Trump's “Wag the Dog” routine.

Jan 7 • David Rosenberg

The Big Rally Was More About Delayed Santa Than Venezuela

First, we take Caracas, then we take Nuuk.

Jan 6 • David Rosenberg

President Trump Revives the Monroe Doctrine

Our advice is to not change your investment strategy one iota based on what just happened in Venezuela.

Jan 5 • David Rosenberg

Some Big Surprises Emerged in 2025

We left 2025 in risk-off mode, but enter 2026 with the risk-on trade staging a revival on the back of rising Tech stocks and firming commodity markets.

Jan 2 • David Rosenberg

December 2025

What It Means When Caterpillar Becomes an AI Play

China closes the year with its PMI data flashing renewed positive momentum — good news for the commodity complex and resource-based currencies.

Dec 31, 2025 • David Rosenberg

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