Author | Lightnews

Callum Thomas @topdowncharts.bsky.social · 9h

Stocks for the Long-Run? 🤔

This chart provides some useful (if contrarian) perspective and a reminder that although those were extremely different times back then to now in just about every way, markets don’t always just go up all the time every time.

There are plenty of examples across countrie

1

Callum Thomas @topdowncharts.bsky.social · 14h

2026 Opportunity?

How about commodities...

All this monetary easing we've seen this year (in absence of recession) is going to put a rocket under growth and that's going to brush up against tight supplies and capacity and hence inflation upside.

Further details:

1

Callum Thomas @topdowncharts.bsky.social · 16h

Tech stock valuations breaking out 📈

Bullish Take 👍 = it reflects rising profit margins, new growth AI paradigms, and meanwhile price + fundamental momentum is strong.

Bearish Take 👎 = represents overconfidence, statistical likelihood of low/negative future returns, and might even be based on un

2

Callum Thomas @topdowncharts.bsky.social · 19h

Big things happening in Base Metals.

2 takeaways:
-base metals are breaking out
-(and global growth is set to surge)

Here's what to watch out for: gold.topdowncharts.com/p/goldnugget...

1

Callum Thomas @topdowncharts.bsky.social · 1d

Emerging Markets
-undervalued
-underowned
-underestimated
-undershooting trend
-undergoing a turning point?

And underappreciated upside when this cycle turns...

Analysis: entrylevel.topdowncharts.com/p/chart-of-t...

5

Callum Thomas @topdowncharts.bsky.social · 1d

Chart of the Week - Japan Breakout(s)

Japanese Equities: believe the breakout, big things are happening in Japan...

Read more [free]: entrylevel.topdowncharts.com/p/chart-of-t...

2

Callum Thomas @topdowncharts.bsky.social · 1d

Do you want the Good news or the Bad news?

Good news for #Gold = strong trend, monetary tailwinds, investor psychology.

The bad news = expensive valuations.

Here's the key things to consider (+methodology): gold.topdowncharts.com/p/goldnugget...

1 1

Callum Thomas @topdowncharts.bsky.social · 2d

Where do stock market returns come from?

-Dividends (consistently)

-Earnings growth (most of the time)

-Valuation changes (...sometimes yes/no)

from the Weekly ChartStorm: www.chartstorm.info/p/chartstorm...

1

Callum Thomas @topdowncharts.bsky.social · 2d

Very interesting things happening in Emerging Markets & Commodities.

There's a breakout from trading range + a big beautiful bottoming process running its course...

Full story: gold.topdowncharts.com/p/goldnugget...

1

Callum Thomas @topdowncharts.bsky.social · 2d

Onwards and Upwards in November?

November is one of the best months of the year historically [a close 3rd in terms of % positive at 69% and first place in terms of average return at 1.6%]

Of course it should also be highlighted that while the best November in history was +11%, the worst November i

4

Callum Thomas @topdowncharts.bsky.social · 3d

Weekly Insights - Edition 234 entrylevel.topdowncharts.com/p/weekly-ins...

This week: global markets update, EM equity technicals, US dollar outlook, US treasuries, EMFX, Japanese stocks, and US small caps...

Callum Thomas @topdowncharts.bsky.social · 3d

Do NOT Concentrate 🫤

When it comes to stockmarket performance the more concentrated the index becomes, the more attractive it is to sail in the opposite direction of cap-weighted strategies and go for equal-weighted.

Probably a lot of this is the result of the dot com bubble and early-1980’s oil

1 8

Callum Thomas @topdowncharts.bsky.social · 3d

US Price to Book ratios across industries
-cheapest aren't that cheap
-most expensive are out to new highs

Thoughts (and comments on Value vs Growth): entrylevel.topdowncharts.com/p/chart-of-t...

1 2

Callum Thomas @topdowncharts.bsky.social · 3d

Gold Market Chartbook - October 2025

Click through to access the latest Monthly Pack -- over 70 charts on gold, silver, precious metals, and miners (+ asset allocation issues for investors).

Download the pack: gold.topdowncharts.com/p/gold-marke...

Callum Thomas @topdowncharts.bsky.social · 3d

Weekly Macro/Multi-Asset Pack
-US Dollar Outlook
-Treasuries & Bond Yields
-EMFX (+EM Fixed Income)
-Japanese Equities + Macro
-US Small Cap stocks

Download the report here: www.topdowncharts.pro/p/weekly-mac...

2

Callum Thomas @topdowncharts.bsky.social · 4d

Missing the Best/Worst days in the Stockmarket...

Miss the 10 Best Days = Sad ☹️
Miss the 10 Worst Days = Glad 🙂
Miss 10 Best + Worst = not bad 🙃

`
(as featured in the Weekly ChartStorm)

1 4

Callum Thomas @topdowncharts.bsky.social · 5d

Internet stocks took more than a decade to bring in enough sales growth to back the hype of their stupendous valuations.

Important historic cautionary...

As featured in the Weekly ChartStorm: www.chartstorm.info/p/weekly-s-a...

1 3

Callum Thomas @topdowncharts.bsky.social · 6d

Global Equities: bull market break out

Took a while, but global equities (ex-US) finally have broken out to new highs and with improving breadth.

Unlike US stocks, global ex-US are still cheap, so this is a very interesting development indeed...

1 2

Callum Thomas @topdowncharts.bsky.social · 6d

Surging gold
Slumping oil

Snapping rubber band next?

Extremes like these are where some of the best opportunities and biggest risks can be found: gold.topdowncharts.com/p/goldnugget...

1

Callum Thomas @topdowncharts.bsky.social · 7d

Lessons from the past...

The internet would go on to become ubiquitous + a source of tremendous wealth and innovation.

But at the height of the dot com bubble it was pure Hype at that stage... certainly relative to the valuations prevailing at that time: www.chartstorm.info/p/weekly-s-a...

1 2

Callum Thomas @topdowncharts.bsky.social · 7d

Gold flows frenzy

Logical point for a period of consolidation as the market digests buyer-seller imbalances...

From the GoldNuggets Digest: gold.topdowncharts.com/p/goldnugget...

2

Callum Thomas @topdowncharts.bsky.social · 8d

Classic table (from 2018) on bear market frequencies, but note: those born in 1980 will have experienced 5 bear markets by now (including 2020) + those born in 1990/2000 will have 4 now (adding 2020 and 2022) 😵‍💫

From the ChartStorm classics Edition: www.chartstorm.info/p/weekly-s-a...

1

Callum Thomas @topdowncharts.bsky.social · 8d

Chart of the Week - Reacceleration 26

This is going to be *the* big macro theme heading into 2026: entrylevel.topdowncharts.com/p/chart-of-t...

Callum Thomas @topdowncharts.bsky.social · 8d

The equal vs cap weighted Anomaly is getting more anomalous… 👀🤔

Normally in the long-run the equal-weighted version of the S&P500 outperforms the cap-weighted (for a number of good reasons) — the more recent dominance of cap-weight is an anomaly.

It's also an echo of the dot-com bubble era (many s

Callum Thomas @topdowncharts.bsky.social · 8d

Peak or Pause?

Gold strayed far and fast from its 200dma and is now paying the price...

More on this issue: gold.topdowncharts.com/p/goldnugget...

2