Net-net, this market feels like it’s chopping everyone up...

“...consumers’ worries about tariffs appear to be gradually receding..."

Leaders from Chevron, Exxon, ConocoPhillips, Continental, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Aspect Holdings, Tallgrass, Raisa Energy and Hilcorp are expected to attend...

This was a goldilocks report: neither too hot (with NFP missing) nor too cold (as unemp rate dropped), which leaves the Fed on autopilot and likely to cut at least 2 more times this year, absent any major changes.

The initial plan is to offtake over 2000 MW of power from nuclear power plants owned by Vistra energy in Ohio, assist with fast tracking two reactors from TerraPower, and send a pre-payment to Oklo for securing nuclear fuel and advancing the first stage of a project in Ohio.

“The market is hoping for the jobs data to land on the fairway. Too much job creation would hint the economy is getting hot while a number close to zero would point, in contrast, to a slump. Neither option is good.”

"Trump's post about buying MBS and the potential impact on rates was the first piece of potentially good news for the builders..." 

A year where (as is often the case) the headline returns masked the volatility, pain, noise and churn from point to point...

"This consumer-led expansion has been peculiar due to a lack of hiring as spending / growth accelerated higher. Now, do we see hiring return adding more support to a stronger than average aggregate consumer?"

...geopolitics (wars and rumors of war), artificial intelligence (AI) and tech generally, the so-called debasement trade, and American Renaissance.

...a ruling striking down the tariffs would likely give a boost to stocks by promising to improve profit margins... At the same time, Treasuries may come under pressure...

...anything but unch.

"massive 13% of aggregate open interest in comex silver markets to be sold over the coming two weeks to result in a dramatic repricing, associated with a continued liquidity vacuum."

Buy single stock options to position for big earnings-day volatility this quarter...

...as one wrestles with comparisons to the late 1990s - which is now a daily exercise for us - this one argues in favor of the bulls:

"The real cost of racial inequities far surpasses spending on DEI programs, positions, and professional learning experiences."