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Tom McClellan

Editor | McClellan Market Report | Technical Analyst & Market Timing Expert

"McClellan Oscillator analysis, market breadth indicators, and cyclical timing signals for stocks and commodities"

Analyst

Biography

Tom McClellan is the editor of The McClellan Market Report and its companion Daily Edition, widely regarded as essential reading among professional traders and institutional investors. He is the son of Sherman and Marian McClellan, who in 1969 created the McClellan Oscillator and McClellan Summation Index—technical indicators that remain foundational tools in market analysis to this day. Tom has continued and expanded upon his parents' work, establishing himself as one of the most respected technical analysts in the financial industry.

McClellan's analytical approach focuses on breadth indicators, sentiment measures, and cyclical analysis to forecast market turning points. His work is particularly relevant to commodity and mining investors because he frequently applies his technical methodology to gold, silver, oil, and mining stock indices. By tracking money flows, breadth divergences, and seasonal patterns, McClellan provides timing signals that resource investors can use to identify entry and exit points in notoriously volatile mining shares.

He is a frequent speaker at major investment conferences, including the Super Terrific Happy Day conference produced by Stephanie Pomboy and Grant Williams, where he shares the stage with prominent macro thinkers and resource investors. His appearances on financial media and investment-focused podcasts, including Thoughtful Money with Adam Taggart, have made his technical insights accessible to a broad audience of self-directed investors navigating uncertain markets.

For mining stock investors, McClellan's value lies in his ability to distill complex market mechanics into actionable timing guidance. His breadth and sentiment work helps investors understand when the broader market environment is supportive or hostile to risk assets like junior miners, and his commodity-specific technical analysis provides a framework for anticipating price moves in precious and base metals.

Videos (1)

Time To Start Getting REALLY Bullish? | Tom McClellan

Time To Start Getting REALLY Bullish? | Tom McClellan

guest Sep 17, 2026
  • Top takeaway The guest argues the market is about a week away from the final low of the presidential cycle's bottoming process, after which he expects a 'big wall of upwardness' into year three of the term.
  • Tom flags a bearish divergence in corporate high-yield bonds as his main near-term worry, but says the McClellan oscillator on that A/D line is ringing out a bottom within roughly a week.
  • Tom models a roughly 20-month lag between gold and Treasury yields, implying a steep advance in 30-year yields into 2027 that mirrors gold's late-2025 surge.
  • Tom applies the same ~20-month gold-to-oil lead to crude, projecting higher oil prices into about August 2028 and citing commercial-trader COT positioning (still net short but timid) as confirmation.
  • Tom points to a roughly 7-year cycle in margin debt (last peak August 2021), suggesting the next topping point is around 2028 and leaving room for further upside despite record-high readings.

Pre-midterm seasonal bottom should clear within a week, kicking off the historically bullish year-three rally of a presidential cycle. A recurring seven-year cycle in margin debt points to a 2028 top, with crude oil and Treasury yields also set to crest that year. Gold leads Treasury yields and crude oil by roughly 20 months, suggesting a sharp climb ahead in both over the next 14 months. QE (Quantitative Easing, the Fed's bond-buying program) has historically sent Treasury prices lower, the opposite of what buyers would expect. New Harbor pushes back on the bond bearishness, positioning for a tactical long-duration rally if equities roll over first.

Showing 1–1 of 1 videos

Key Quotes

"When markets are as volatile and the macro outlook as uncertain as we've seen in the past few months, turning to the data and navigating by what it's telling us is often highly useful."

— Thoughtful Money interview with Adam Taggart

Key Works

Flagship newsletter featuring technical analysis, breadth indicators, and market timing signals for stocks, bonds, and commodities.

Daily companion publication providing intraday market commentary and updated technical signals.

Specializations

GoldSilverTechnical AnalysisMarket TimingMining StocksMarket BreadthSentiment Analysis

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