"We come away from our discussion with a continued outlook for private non-residential construction spending to return to growth..." 

A White House Official said the chip announcement on Wednesday was 'phase one' action and there could be other announcements, pending ongoing negotiations with other countries and companies.

DXY falters on reports of potential BoJ hike; European equity futures pointing to a softer open.

Macron vows further "land, air & sea assets" in coming days...

...TSMC beat, respite in geopol wrecking ball, tariff 'sell the news', and strong macro data send rate-cut odds tumbling...

In the Permian Basin, the heart of U.S. fracking, drilling activity has slowed..

Strong initial jobless claims; Solid Regional Fed survey reports; Trump says have been told killing in Iran is stopping, no plan for executions; TSMC Q4 earnings beat lifts global semiconductor names; US Treasury sanctions Iran; Fed's Schmid remains a hawk, Barr describes rates as at the right level; UK GDP beats in November; PBoC cuts 1yr relending facility rate; BoJ is reportedly likely to keep rates steady in January; MS, GS, and BLK rally after earnings.

Here are the 5 most crowded longs/ shorts for each sector to help monitor positioning into prints.

At these levels (of risk appetite), small pullbacks tend to become more frequent and outsized equity returns are rarer...

...ingredients for a vol squeeze starting to form.

This backdrop is sobering for many. Yet few will currently be sober if they’ve been following their ‘drink!’ instructions.

...even though homebuyer affordability will likely improve initially, fueling consumption, the end result could well be the exact opposite due to higher mortgage rates and real estate prices.

TSMC’s "approach to guidance suggests further upside to consensus estimates and supports a constructive outlook"

Trump "would want any U.S. military action in Iran to deliver a swift and decisive blow to the regime and not spark a sustained war that dragged on for weeks or months"

"SEMICAP/AI POSTIVE as TSMC has been seen as major bottleneck for AI given how cautious mgt have been and now its raised capex ABOVE..." 

... it’s a bull market and the primary trend is clearly higher, yet the degree of difficulty is rising.