Mining Stock Daily Tommy Thornton on Today's Risk-Off Momentum and Thoughts on the GDX
Mar 18, 2026
Tommy Thornton, founder of Hedge Fund Telemetry and market commentator, gives a macro view on risk-off momentum and commodities. He discusses crowded positioning and potential CTA selling, geopolitical tensions around Iran, energy market hedging and LNG plays like Golar, option expiry volatility, and recent moves in gold and miners.
AI Snips
Chapters
Transcript
Episode notes
Market Breadth Weakness Hidden By Concentration
- Equity breadth has deteriorated this year with more S&P stocks down than up despite big inflows.
- Tommy Thornton links this to heavy positioning in MAG-7 names and risk of large selling if key range lows break, including CTA-driven flows.
Play Defense And Consider Golar For Gas Exposure
- Be defensive amid Iran-related volatility and energy uncertainty rather than chasing every up day.
- Tommy recommends names like Golar for natural gas exposure and cautions that energy majors may hedge, capping upside.
Dinner Warning About Iran Iraq Energy Flow
- Tommy recounts a dinner where a commodities expert warned him the Iran-Iraq energy flow could break and spike crude further.
- The story underscored his worry that supply-chain ruptures could cause much higher oil prices.