These are strange days in the markets make no mistake. Consider this comment on the S&P 500 by former market maker Noel Smith:

” The S&P is flat over the past month, but the average stock moved 10.8% — a dispersion spread at the 99th percentile over 30 years. ”

And this recent quote from market commentator Michael Batnick “Wild market. We haven’t seen anything like this since the dotcom bubble burst. ”

“Over the last 8 sessions, 115 stocks in the S&P 500 have decline 7% or more in a single day.

The average drawdown when that happens is 34%. Right now we’re 1.5% below the all-time high.”

Is it the end of the world ?

No I don’t think so but clearly people are revaluating portfolios and valuations but are doing so against in febrile climate ,where old certainties can no longer be relied upon .

However this hasn’t happened in a vacuum or come about overnight. As the graphic below highlights. and of course two of my picks for 2026 hailed from the Materials sector. and they ( FCX US ALB US) have been two of the best performers YTD which is always gratifying.