Jim Dennedy, Author at Hamilton Madison Group

Week Ending November 13, 2026

A fortnight round trip — equities refilled risk on record breadth, while inflation expectations decoupled from energy.

AI-infrastructure repricing, protection harvested into the decline, and the gates doing their jobs.

The first estimate cut of the window — against the year’s best breadth. One of them is wrong.

The growth-scare pair: Treasuries rallied, credit widened to ten from the line — while breadth hit the year’s best.

Expectations confirmed at 2.98 — and the market rotated instead of breaking.

The internals repaired while the long end made new highs — the gains came with a higher discount rate attached.

Tripwire #8 fired: the cash pool stopped absorbing, credit moved, and labor blinked — five of eight.

Crude gave it all back; rates, the diesel crack, and the casualty list kept it.

The Fed hiked into the shock, the pump broke, and the cash pool turned — all in one week.

Crude +57% since July, expectations snapped, breadth capitulated — and the flows gauge debuts.