$DEFENSE - Structural increase in government defense spending driven by aging populations and rising geopolitical tensions creates sustained demand for defense contractors
Bearish:
$TLT - US Treasuries are losing their safe-haven status, exhibiting emerging market-like behavior with reversed correlations between treasury rates and dollar strength during risk-off events
$SOLAR - Solar panel manufacturing has become a commoditized, low-margin business with poor job quality, comparable to outdated transistor radio production
$RAREARTH - Rare earth processing faces fundamental challenges in developed countries due to environmental concerns and messy processing requirements that make the business model unviable
$EUSTOX - European equities face structural headwinds as US withdrawal from global leadership disproportionately harms its closest allies more than adversaries like China