My prediction last year of a Musk/Trump hate-fest seems to have come true yet again. In spite of a brief detente, the two of them are at each other’s throats again, with the Pre-zi-dent musing about deporting the world’s richest man out loud to reporters. Musk’s one public company, Tesla (TSLA), is feeling the heat from its conditions within our banana republic.
More broadly, the buyers don’t seem so zealous this morning. yesterday, the /ES very briefly pushed above its former lifetime high, but as you can see, that was quite transitory. I mean, we’re only down 0.33% right now, but I’ll take red over green any day.
As for the /NQ, it best its December 2024 peak a while ago, but it actually slipped below it briefly overnight. Perhaps we’ll revisit this sub-zone again today.
Most import for me personally, the /RTY tried yesterday to rally above its inverted head and shoulders base but failed to do so. At the moment, it’s down (in percentage terms) over twice as much as the /ES. My September $220 puts are counting on a failure of this basing pattern, and I’ve got over 80 days of breathing room for that to happen.
Lastly, if you want a sense as to the United States’ worldwide reputation and regard, look no farther than the performance of our currency, which has suffered its worse half-year performance (double digit negative percentage change) since 1973. Europe, on the other hand, as seen by way of the EUR/USD, is just setting the world on fire.
Good luck today, and keep an eye on that Big Beautiful Bill, eh?
