# 📊 Midweek Pulse — Wednesday, April 1, 2026
## Q2 Day 1 | Week 14 | Carlos Blanco Portfolio Intelligence

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## 🌍 MARKET SNAPSHOT (WTD: Fri Mar 27 → Mon Mar 31)

| Benchmark | WTD | March (MTD) |
|-----------|-----|-------------|
| SPY (S&P 500) | **+3.17%** | -4.43% |
| QQQ (Nasdaq 100) | **+3.30%** | -4.30% |
| DIA (Dow 30) | **+3.50%** | -4.35% |
| IWM (Russell 2000) | **+2.96%** | -4.98% |
| VGK (Europe) | **+5.03%** | -5.02% |
| IEMG (EM) | **+3.37%** | -6.95% |
| VT (World) | **+3.67%** | -4.75% |

**Summary:** Massive Monday rally closed Q1 — SPY +2.91% in a single session on Iran de-escalation hopes. But March was ugly across the board: SPY -4.4%, IWM -5%, Europe -5%. Q1 goes down as the worst quarter since 2022. The question: is Monday's rally the start of a Q2 recovery, or a dead cat bounce?

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## 💰 ASSET CLASSES (WTD / Monthly)

| Asset | WTD | March |
|-------|-----|-------|
| GLD (Gold) | **+4.88%** | -11.24% |
| SLV (Silver) | **+7.17%** | -16.66% |
| USO (Oil) | +0.38% | **+42.96%** |
| DBA (Agriculture) | -0.33% | +4.19% |
| TLT (Long Bonds) | +0.77% | -3.71% |
| AGG (Agg Bond) | +0.45% | -1.70% |
| VNQ (REITs) | +2.06% | -6.57% |
| BTC-USD | **+3.35%** | +4.29% |
| ETH-USD | **+7.11%** | +9.99% |

**Key theme:** Gold/silver ripping WTD (+5-7%) after a brutal March. Oil had an extraordinary March (+43%). Crypto outperforming equities both monthly and WTD. Bonds still under pressure.

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## 📈 TREASURY CURVE

| Maturity | Yield |
|----------|-------|
| 3-Month | 3.60% |
| 5-Year | 3.96% |
| 10-Year | 4.33% |
| 30-Year | 4.92% |

**Curve:** Positive slope (3M→30Y spread = +132bps). The front end at 3.6% reflects rate cut expectations. Long end at 4.9% shows persistent term premium / fiscal concerns. No inversion = no imminent recession signal.

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## 🏆 YOUR TOP 10 WTD MOVERS

| # | Ticker | WTD | Price |
|---|--------|-----|-------|
| 1 | GDXU (3x Gold Miners) | **+31.4%** | $218 |
| 2 | JNUG (3x Jr Miners) | **+22.8%** | $210 |
| 3 | NUGT (3x Gold Miners) | **+20.4%** | $198 |
| 4 | IDR (Indonesia ETF) | **+18.9%** | $33 |
| 5 | EQX (Equinox Gold) | **+16.3%** | $15 |
| 6 | WGS (GeneDx) | **+15.6%** | $66 |
| 7 | ODV (Osisko Dev) | **+14.3%** | $3.35 |
| 8 | WYFI (Sievert Larsen) | **+13.6%** | $12.25 |
| 9 | DC (Dakota Gold) | **+12.7%** | $5.14 |
| 10 | UROY (Uranium Royalty) | **+12.4%** | $3.76 |

**Pattern:** Gold/silver miners DOMINATING this week. Katusa resource picks (EQX, ODV, DC, UROY) all flying. Your precious metals thesis is paying off short-term.

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## 📉 YOUR BOTTOM 10 WTD MOVERS

| # | Ticker | WTD | Price |
|---|--------|-----|-------|
| 1 | VG (Vonage/Vista Gold) | **-14.0%** | $15 |
| 2 | SOC (Sable Offshore) | **-12.0%** | $16 |
| 3 | CF (CF Industries) | **-7.0%** | $127 |
| 4 | CNR (Cornerstone) | **-7.0%** | $105 |
| 5 | NEXT (NextDecade) | **-6.5%** | $7.60 |
| 6 | CEG (Constellation) | **-6.5%** | $282 |
| 7 | CIFR (Cipher Mining) | **-6.0%** | $12.92 |
| 8 | LNG (Cheniere) | **-5.6%** | $280 |
| 9 | EOG (EOG Resources) | **-5.5%** | $141 |
| 10 | MP (MP Materials) | **-5.2%** | $49 |

**Pattern:** Energy names giving back gains — CF, LNG, EOG, VLO all red. Iran de-escalation = oil demand fears easing but supply uncertainty declining. Nuclear (CEG -6.5%) and crypto mining (CIFR -6%) also pulling back.

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## 🌐 GLOBAL COUNTRY ETFs (WTD)

| Region | WTD |
|--------|-----|
| VGK (Europe) | **+5.0%** |
| SLV (Silver/EM proxy) | +7.2% |
| IEMG (EM) | +3.4% |
| IDR (Indonesia) | **+18.9%** |
| SPY (US) | +3.2% |
| BTC-USD (Crypto) | +3.4% |
| GLD (Gold) | +4.9% |

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## 📊 MARCH 2026 — MONTHLY SCORECARD

### Your Top 10 for March:
| # | Ticker | March % | Category |
|---|--------|---------|----------|
| 1 | USO (Oil) | **+43.0%** | Commodity |
| 2 | NEXT (NextDecade) | +34.1% | LNG |
| 3 | HIMS (Hims & Hers) | +29.7% | Growth |
| 4 | ARM (ARM Holdings) | +24.2% | Semis |
| 5 | CF (CF Industries) | +22.0% | Fertilizer |
| 6 | SEDG (SolarEdge) | +27.2% | Solar |
| 7 | GSG (Commodities) | +18.4% | Commodity |
| 8 | CNR (Cornerstone) | +20.1% | Resources |
| 9 | NBIS (Nebius) | +16.1% | AI/Tech |
| 10 | SU (Suncor) | +15.5% | Energy |

### Your Bottom 10 for March:
| # | Ticker | March % | Category |
|---|--------|---------|----------|
| 1 | GDXU (3x Gold Miners) | **-53.6%** | Leveraged |
| 2 | BUR (Burford Capital) | **-49.1%** | Litigation Finance |
| 3 | JNUG (3x Jr Miners) | -40.0% | Leveraged |
| 4 | NUGT (3x Gold Miners) | -35.7% | Leveraged |
| 5 | TDUP (ThredUp) | -32.8% | Consumer |
| 6 | HRZN (Horizon Tech) | -28.9% | BDC |
| 7 | ACHR (Archer Aviation) | -29.5% | eVTOL |
| 8 | WYFI | -29.5% | Speculative |
| 9 | ODV (Osisko Dev) | -29.9% | Mining |
| 10 | SMCI (Super Micro) | -28.5% | Tech/Servers |

**March narrative:** Oil was king (+43%) while gold miners got crushed (leveraged ETFs -35 to -54%). BUR -49% is a big hit. The 3x leveraged gold positions destroyed capital in March but are recovering aggressively WTD. Classic whipsaw — the vol is enormous.

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## ⚡ Q2 OUTLOOK & THIS WEEK'S FOCUS

**What's working:** Energy (USO +43% March), commodities broadly, crypto (BTC +4.3%, ETH +10%)
**What's not:** Gold miners (monthly devastation, but WTD reversal), REITs (-6.6%), small caps (-5%)
**Watch this week:** Monday's rally sustainability. If SPY holds above 645, the Q1 bottom may be in. Below 630 = new leg down.

**Key dates:**
- April FOMC: May 6-7 (5 weeks out)
- Next jobs report: ~April 4 (Friday)
- Q1 Earnings begin: ~April 14

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*Report generated April 1, 2026 at 9:30 AM ET | Data as of March 31 close*