2

min read

What We Got Right and Wrong

Written by

Variant Perception

Published on

29 Jul 2026

VP Weekly Wrap - 17 July 2026

Screenshot 2026-07-02 at 17.16.46 — Since July 2, we have been observing the significant divergence between our Core and Headline US Inflation LEIs.

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What We Got Right and What We Got Wrong (2Q26)

RIGHT

"Sell America" reverses
Long/OW US tech
Short EURUSD
Macro Risk Indicator stayed "Risk-On"
US labor market not inflationary, not recessionary

WRONG

Stayed moderately bullish gold through drawdown
Long China Tech
Mixed results fading hawkish inflation scare pricing
Manually overriding Macro Risk Indicator in April

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