Swami Weekly Wrap: March 30, 2026 [Oil leads, gold lags — dollar firm, bonds weak, equities still fragile]
Bear market in play
Hi Swami Subs,
This week’s tape continues to reward selectivity: oil remains the leadership trade, while gold still hasn’t regained trend, the dollar is firm, and both bonds and broad equities remain fragile. In that environment, SAE’s overweight energy positioning (XLE/XOP) did what it’s supposed to do — stay green while the index bled, widening the year-to-date gap versus SPY.
Heading into this week, THE MACHINE is keeping its core energy exposure in place and adding back AMLP and XLB, but with oil pushing toward near-term upside, the focus remains risk management, not chasing.
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