Good morning, everyone. We awake to an /ES which is up 0.09%, which isn’t exactly riveting material for me to wax poetic about this or that. We’re just a little below Sunday’s “wow, he TACO’d yet again!” price gap. It’s clear the market has no clue what on earth is going on with tariffs, or even have to react.
Somewhat clearer is the direction of the Dow Industrials, seen by way of its futures. This is one of my two core positions, and although it’s down modestly, hey, at least it’s down.
The other core position is one whose price action is more to my liking, which is a nice, steady beat-down. Here we see bonds continuing to sell off, as the world wisely has decided the U.S. is lousy place to entrust your cash for the future, what with being insolvent and all.
Mercifully, we have the good old-fashioned earnings season coming up next week in force, which means we can actually focus on topics other than Trump and Powell for a few weeks.
