Two 100-year-old signals just flashed red

*Newsletter posted on behalf of TSN The Stock Network on 17 July,2026/Sydney Times Media Pty Ltd accepts no responsibility or liability for the Content accuracy , Statements or Claims made in this Newsletter.

The market keeps hitting records, but a couple of old, reliable gauges are quietly flashing. The first is a 155-year-old warning signal: the Shiller PE ratio, which measures how expensive the market is compared to what companies have actually earned over time. Its long-run average is about 17. Today it’s sitting around 42, a level seen only once before, right before the dot-com crash.

The second – investors are borrowing record amounts to buy shares. US margin debt just topped US$1.4 trillion, up more than 50% over the past year. Borrowed money is rocket fuel on the way up, but it’s brutal on the way down, when falling prices force under-the-pump investors to sell their quality assets. Now, before you sell everything, remember that neither of these signals is a crystal ball. The Shiller PE ratio is famously bad at timing, and margin debt rises in every bull market.

The lesson is, don’t panic, but do appropriate research: know what market you’re buying, keep your borrowing sensible, and let time do the heavy lifting. That formula has never had a bad century.

To your investing,

US: The US earnings season opened with a bang as Wall Street’s big banks smashed expectations – record profits at JPMorgan Chase & Co (NYSE:JPM), a monster beat from The Goldman Sachs Group Inc. (NYSE:GS), and tens of billions in share buybacks were announced. Add a surprisingly cool inflation reading and markets had plenty to cheer, even as renewed US strikes on Iran sent oil climbing and kept everyone glancing nervously at the Middle East.

Australia: The ASX spent the week treading water, caught between the good news washing in from Wall Street and the oil-driven jitters. A big mover was BHP (ASX:BHP), which rallied on copper optimism before revealing a catch: production is set to fall next year on plant issues and ore grades declines. And in gold, Genesis Minerals (ASX:GMD) swooped on Vault Minerals (ASX:VAU) to create one of the ASX’s largest gold producers.

Expanding global drone connectivity with AI, defence momentum & commercial growth

Elsight (ASX:ELS) has risen more than 350% over the past year and is building the technology that helps drones and autonomous systems stay reliably connected in demanding environments. As adoption accelerates across defence, public safety and commercial industries, Elsight is expanding its product portfolio beyond connectivity while strengthening its presence in the key U.S. market. CEO Yoav Amitai joins The Stock Network to discuss record revenue, growing commercial adoption and the rollout of new AI-powered technology.

Pantoro Gold (ASX:PNR) – Norseman’s next growth phase

PNR Managing Director Paul Cmrlec discusses the significance of the recent high-grade Racetrack discovery and how Pantoro is expanding Norseman through new underground mines and operational growth.

Kincora Copper (ASX&TSXV:KCC) – Divests Mongolian asset portfolio

KCC CEO Sam Spring discusses what the transaction means for Kincora’s balance sheet, its Australian growth strategy, and the next catalysts as drilling continues across its NSW portfolio.

Far East Gold (ASX:FEG): Board rejects takeover bid

FEG Managing Director & CEO Shane Menere discusses the latest developments in the takeover process and outline why the Board believes shareholders should retain exposure to the company’s growth strategy.

Stakk (ASX:SKK) – Acquires US-based AI company ParaScript

SKK has entered into an agreement to acquire US-based AI company ParaScript for US$63 million, creating one of the world’s largest AI-native Digital Trust platforms.

Spacetalk (ASX:SPA) – Signs strategic MVNO Partnership with TPG Telecom

SPA has entered into a strategic Mobile Virtual Network Operator (MVNO) partnership with TPG Telecom, strengthening its mobile offering and supporting the next phase of growth for its recurring revenue business.

Entropy Neurodynamics (ASX:ENP) – Reports Phase 2 TRP-8803 Clinical Results

ENP has reported Phase 2 Cohort 1 results for the trial of its precision-controlled IV-infused psilocin therapy, TRP-8803, revealing 50% clinical remission and 100% clinically meaningful improvement in patients with treatment-resistant binge eating disorder (BED).

*Newsletter posted on behalf of TSN The Stock Network on 17July,2026/Sydney Times Media Pty Ltd accepts no responsibility or liability for the Content, Accuracy , Statements or Claims made in this Newsletter.

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