Maggie Lake Talking Markets Episode 120: The Shopping List for 2026
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Dec 23, 2025 Maggie Lake chats with Thomas "Tommy" Thornton, founder of Hedge Fund Telemetry, known for his sharp market insights. Tommy forecasts 2026's market landscape, highlighting potential shorting opportunities due to concentrated leadership in top S&P stocks. He also discusses his bearish outlook on long-term bonds amidst high deficits. Tommy critiques EV valuations, especially Tesla, and shares compelling long ideas like Adobe. With a keen eye on market volatility and retail investor trends, he prepares for an active 2026 in tactical trading.
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Market Leadership Concentration Risks
- Thomas Thornton sees valuation risk despite S&P's popularity and narrow leadership concentration.
- He believes the market's top five stocks did ~50% of gains and that could reverse, creating short opportunities.
Use A Framework And Protect Positions
- Use a framework and position sizing to protect yourself from volatility and being shaken out early.
- Consider advisors or risk tools if you lack the resources to implement proper protection.
DeMark 13s Signal Near-Term Pullbacks
- DeMark sequential 13 signals on major indices often precede nominal pullbacks.
- Thornton expects another pullback given recent new daily 13s and past average declines of ~3.5–7%.