Todd Sullivan's ValuePlays

Is the Dollar Weakening???

Davidson — Mon, 06 Jul 2026 18:40:26 +0000

The US$ has always proven during global crises to be a haven. Investors shift capital into US Treasuries, primarily 3mo T-Bills, when panicked by events. This strengthens the US$ as shown during recessions and other concerning geopolitical events. Strengthening post 2014 arose as Putin in Russia and XI in China, deemed controversial domestically, result in capital shifts into US markets where it resides today. Trump election resulted in a surge which waned a little afterwards but is now surging once again likely on his tariff policies causing capital investment in US manufacturing.

The US$ fluctuates dependent on trade and investment opportunities globally. The rumors of its demise are highly over-rated.

Uplisted

ToddSullivan — Wed, 01 Jul 2026 16:53:56 +0000

This is a big deal. Glass House is now the second medical MSO (Trulieve) to uplift to the major exchanges.

It’s been a long slog but we are finally getting there

LONG BEACH, Calif. and TORONTO, J (GLOBE NEWSWIRE) — Glass House Brands Inc. (“Glass House” or the “Company”) (CBOE CA: GLAS.A.U) (OTCQX: GLASF) today announced that its subordinate voting shares (the “Subordinate Voting Shares”) have been approved for listing on the New York Stock Exchange (the “NYSE”).

“We are proud and excited to be listing on the NYSE, the world’s most prestigious and important stock exchange. This listing was not possible prior to the recent reclassification of medical cannabis to Schedule III and represents an important developmental milestone for Glass House, the cannabis industry overall and our valued long-term shareholders who have supported us since inception,” said Kyle Kazan, Co-Founder, Chairman and CEO of Glass House.

“Beyond the listing, we remain encouraged by the opportunities presented by rescheduling. As a leading producer of low-cost sought after cannabis, Glass House is uniquely positioned to benefit potential near term opportunities presented including the opening of interstate commerce and export of medical cannabis to Europe, each of which would meaningfully increase our addressable market size and unlock enhanced profit and cash flow generation driven by more favorable pricing dynamics.”

The Subordinate Voting Shares are expected to begin trading under the symbol “GLAS” at the opening of trading on June 30, 2026.

The Company anticipates that Subordinate Voting Shares will continue trading on the OTCQX under the symbol “GLASF” until the close of market on June 29, 2026. The Subordinate Voting Shares will continue to trade on CBOE under the symbol “GLAS.A.U”.

Current shareholders of the Company are not required to take any action prior to the Company’s expected listing.

Job Openings Rising

Davidson — Wed, 01 Jul 2026 16:47:25 +0000

Job Openings Total Nonfarm and Manufacturing on a nice rise and continuing to surprise forecasters. Job Openings leans more towards a market psychology indicator than a hard economic measure. Employers often advertise their needs on multiple sites to attract a pool of applicants from which to choose those believed to be the better fits. So, while the direction indicates a change in labor demand, the extent does equal the actual number of openings except more likely for low periods of economic activity. The swing in these indicators correlates with the PMI indicator which fluctuates often as do expectations for the economy. Thus with the PMI just rising above 50 in recent months we are seeing a significant rise in job openings.

The market sentiment for core US economic growth is turning more positive and this is something all should welcome.

PMI Drops

Davidson — Wed, 01 Jul 2026 16:45:48 +0000

June mfg PMI reported at 53.9 with May revised to 55.1. My observation is that May’s AI investor sell-off was a factor. There is a hair-trigger in the current market by which good news can cause an issue to decline 15% in minutes as we saw with ATRO yesterday only to recover shortly on no follow-up news.

Stay long. Economic activity from new builds based on tariff changes is only just beginning to emerge in the economic data.

PMI and the Yield Curve Correlation

Davidson — Fri, 22 May 2026 12:28:03 +0000

There are four data sets on these two long-term charts but only one is a measure of economic activity. The odd-data set out is IndPro(Industrial Production). The other three are market sentiment driven. That is, they reflect investor perceptions of future returns. There are correlations between the market sentiment measures themselves that are fairly close. They only agree with economic activity over the broad period of an economic cycle. There is an unmistakable correlation between the mfg PMI and the 10yr minus 3 month Treasury(called the Yield Curve). Both peaked late 2021, then the next 12mos declined into negative territory and stayed there for nearly 3yrs till Dec 2025.

It is no coincidence that both the Yield Curve and the mfg began giving economically positive signals in Dec 2025 and have been positive since. The market has been rising on a select few issues believed to be “inflation and recession proof”. However, I view us as is in a significant transition towards industrial, transport, retail and other issues that perform well under generally positive economic conditions.

Consumer Delinquencies Remain At Comfortable Levels

Davidson — Thu, 21 May 2026 16:22:50 +0000

Consumer Delinquencies remain at comfortable levels. Consumer spending comprises 68%-70% of US GDP. When the consumer is in trouble is when we are likely to enter recession on any given shock. Consumer delinquency rates remain well below the thresholds indicating financial fragility in the past. Both credit card and consumer loan delinquencies have been trending lower. The recent small rise in loan delinquencies is likely due to student loans now requiring payments after a post-COVID period of deferral.

Subs: AI Needs Nat Gas

ToddSullivan — Wed, 20 May 2026 18:53:18 +0000

U.S. natural gas demand will grow more in the next 10 years than it did over the past 15 years, primarily driven by the explosive electricity needs of AI data centers. That is according to Williams Cos. CEO Chad Zamarin, who stated this surge represents the biggest demand spike for natural gas in decades.

Grid Overwhelm: Traditional grid infrastructure is struggling to keep pace with the massive 24/7 power requirements of hyperscale AI data centers.
The “Golden Age” of Energy: Zamarin characterized this as a golden era for domestic energy. With traditional high-voltage grid expansion taking up to a decade, natural gas is increasingly viewed as the most immediate, dispatchable, and reliable backbone for AI infrastructure.
Energy Security: Despite the steep rise in demand, the executive noted that abundant domestic gas will remain resilient against global price disruptions, even if volatile geopolitical choke points like the Strait of Hormuz were closed. [1]

To capitalize on this AI-driven surge, Williams is rapidly expanding infrastructure and storage capacity along major pipeline routes, such as their Transco system, to deliver affordable, dispatchable power directly to areas experiencing localized data center growth.