With two weeks to go in the year, there is a great deal of uncertainty in the air as the markets whip around in a violent range confusing and frustrating many. In times like this, I’m in the habit of (and also encourage our wealth management clients to do the same) putting on our technical hats, step back, take a deep breath, and take an objective look at what we see — not what we think and definitely NOT what we feel is happening. There’s a subtle but important difference. The S & P 500 is essentially trading at the same level from over two months ago on Oct. 10, while the NDX 100 is at the same level as Oct. 2. Another two weeks within this range and can unfortunately declare one quarter year of whippy range bound trading. The AI revolution-related names deserve to take a rest as markets lock in profits from a huge year, rotate into other areas of the market to possibly hide out until Santa Claus time, and possibly early next year. For the article in a row, we’re going to take a broad look at the markets to survey what’s in front of us, but then we’ll arrive at my plan to increase our holding in a defensive gold miner, for now. Again, we’re in a two-month plus range. We need to stay tactical and be ready for anything. To start, we need to remember that the seasonality of the S & P 500 since 1950 and Nasdaq Composite since 1972 is our side. The S & P’s average December performance is a positive 1.50% and the Nasdaq is about 1.4% Drilling down to seasonality of each December trading day since 1950 in the S & P, you’ll see that the average performance (in green) has been a great guide to the actual trading path of this first half of December (in red). On average, the second week of December is weak, followed by a bottoming on the 15th and the rally begins on the 16th. Markets are certainly trying to act weak here and break the seasonal tendency, but we have to remind ourselves markets don’t often repeat, but they rhyme. The rally could begin any day now as we head into the Santa Claus rally period. Turning to the S & P 500 ETF ( SPY ) daily chart with simple technicals on it, we see a possible head and shoulders reversal pattern that projects lower prices. However, we are currently testing the 20 and 50-day moving averages that could offer support and a catalyst to start the second-half December seasonal bullishness. Turning to the macro markets, we have dual pane daily charts of the U.S. 10-year Treasury yield and the U.S. dollar index . The 10 year (left chart) has bounced off long-term technical support forming a possible inverse head and shoulders with a breakout above the 4.145% green resistance line. It is acting like they want to move higher to complete the pattern, but with risk aversion to equities in here and overall uncertainty, it feels to me like the breakout is failing. The normally somewhat positively correlated U.S. Dollar index has already failed and is moving lower from the failed breakout. Both U.S. long-term rates and the dollar moving lower should be good for equities. Another macro market that should benefit with U.S. long-term rates and the dollar moving lower is gold. Now, not to get too complicated, but the general macro correlation in the past two years of the big four asset classes (fixed income, currencies, equities, and commodities) is as such: Lower yields (higher bond prices) and lower U.S. dollar are positive for both equities and commodities alike. I’m using gold as the flagship commodity. Therefore, gold and equities have been trading with a positive correlation. Correlations are helpful while they last. What if that correlation is either going to take a break, or outright break apart? If the correlation is simply taking a break, gold can rally now while equities consolidate into the next move higher and this gold miner trade should work out. What if the correlation is not going to break apart? With rates and the U.S. dollar below resistance, perhaps gold is finally going to act as a safe haven and if equities continue to push lower, gold and gold stocks will move higher anyway? Gold miners have been on a tear this year and broke resistance around $84-$82. Will this level hold as support? One of the leading gold miners in the space is AngloGold Ashanti . This is a $42 billion market cap company yielding 2.45% with a forward GAAP PE of just 15.4 times 2026 earnings. As you can see since 2024 the GAAP earnings growth rates are 516%, 134%, and 70% expected in 2026 — insane. Top line revenue is also amazing. I hold a 2% allocation in my portfolio at Inside Edge and IF we get a break above $89 I will look to increase the size of that position. The big question is will equities follow their December path and rally into year end, or is there a larger rotation out of the growth trade heading into 2026. It’s too early to tell, but I’m ready for anything. -Todd Gordon, Founder of Inside Edge Capital, LLC We offer active stock alerts, portfolio management, as well as regular market updates like the idea presented above here . DISCLOSURES: Gordon owns AngloGold personally and in his wealth management company Inside Edge Capital. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . 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