I’ll be Live at 8 am…
Good morning: A little boxing reference for you as we witness an uptick in volatility and the ever-necessary reminder that nothing good really happens for the market when the FNGD pushes above its 20-day and 50-day moving averages.
I’ve argued this since our inception and started asking the questions that need to be asked. We highlighted the Howell shift toward Turbulence last week, and warned about the possible Bull Trap that emerged this week into the Fed meeting. This does feel a little different than the previous selloffs in November 2025 and April 2026. This is getting fueled by a combination of regulatory (political) pressure, earnings and guidance woes, and a Federal Reserve that the market isn’t trusting. But remember… this entire market is propped up at every corner by central banks… Treasury or Financial departments (ministries)… policy efforts to accommodate a surging global balance sheet… and jawboning at every corner. It’s Calvinball… Made up on the spot every day… So take a breath… because I’m sure they’re working on some new program. They’re already working overtime on clearing and stablecoins… So, we admire the financial engineering from all corners. And we remain patient as we kick off this move into the latter part of the cycle... Continue reading this post for free in the Substack app
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