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Tom McClellan — research hub

Tom McClellan · editor, The McClellan Market Report (McClellan Oscillator / Summation Index) — breadth, cycles & intermarket leads.
Sections: stock index · overall thesis · the product · transcripts. Last updated 2026-SEP-17.

Stock & name index

▲ Positive

TickerNameCurrent thesisResearchSeen inTotal $k
Crude oilCrude oil (the molecule)Higher for longer into ~2028: gold leads crude by ~19.8 months, and commercials won’t hedge $100 oil — producers expect higher.2026-SEP-17
SPYSPDR S&P 500 ETF Trust (US stocks)About to turn “bullish as all get out”: late-Sep/early-Oct seasonal low, then presidential-cycle year 3 (failed only 1931/1939) and a bullish year-7 decennial; NYSE A-D line at highs caps the 3-month worst case near 10%.QT · SA · STK2026-SEP-17

► Neutral / referenced

TickerNameCurrent thesisResearchSeen inTotal $k
GoldGold (as a leading indicator)Used as a clock, not a call: gold’s moves echo in 30-yr yields (~20.5 mo) and oil (~19.8 mo); its Jan-2026 top points to a yield/oil peak ~Aug 2028.2026-SEP-17
HYGiShares iBoxx $ High Yield Corporate Bond ETF (junk bonds)The one thorn: junk-bond A-D divergence all 2026, but its oscillator is washing out; wants junk to improve in Oct/Nov as liquidity confirmation.QT · SA · STK2026-SEP-17

▼ Negative

TickerNameCurrent thesisResearchSeen inTotal $k
TLTiShares 20+ Year Treasury Bond ETF (long bonds)Bearish bonds: every QE round saw bonds tank, and gold’s 20.5-month lead points to a steep rise in long yields from late 2026 into ~2028 (30-yr >6% plausible).QT · SA · STK · FA2026-SEP-17

Overall thesis

In one line: a pure chart-and-cycle reader who is about to turn "bullish as all get out" on stocks (a late-Sep/early-Oct seasonal low, then presidential-cycle year 3 and a year-7 decennial), while staying bearish bonds and bullish oil because gold's moves echo in yields and crude ~20 months later — with 2028 as the convergence date for the next major top.

The product

From his own description in the 2026-SEP-17 interview.

What it is: The McClellan Market Report — a technical-analysis newsletter plus a daily edition, built on the McClellan Oscillator and Summation Index that his parents developed by hand in 1969. His father, Sherman McClellan (92), still works on it every day. The weekly Chart In Focus is free; the newsletter and daily edition are paid ("pay to get the good stuff").
OfferingWhat it isHow he runs itSeen in the index
Chart In Focus (free, weekly)One chart study a weekSign-up on the McClellan website; the charts shown on the show "feature regularly" thereCycle and breadth charts in 2026-SEP-17
Newsletter + daily edition (paid)Full breadth, cycle and intermarket workProprietary breadth data (incl. a daily junk-bond A-D line), cycle composites and time-shifted leads; paying subscribers hear about changes firstSPY / TLT / HYG / Oil / Gold calls in 2026-SEP-17

Transcripts

One dated page per appearance — each has its stock table (when securities are named), talking points, and the saved transcript. Newest first.

DateTitle / analysis pageShowLinkTranscriptActionable insights
2026-SEP-17Time To Start Getting REALLY Bullish?Thoughtful Money (Adam Taggart)▶ YouTubetranscriptactionable insights

To process — backlog

Appearances not yet processed — newest first. None queued yet.


For personal study — not investment advice. Source material © Thoughtful Money (Adam Taggart).