Tuesday Watch

Around X:

• @elonmusk

• Elon Musk: If the bureaucracy is preventing the president from implementing what the people want, then we live in a bureaucracy, not a democracy. (video)
• Since its inception George Soros’s Open Society Foundation has given Democrat NGOs and candidates 32 BILLION DOLLARS. Talk about oligarchy. Yup.
• RARE EARTHS AREN’T RARE—CHINA OWNS THE REFINING, NOT THE MINES. Elon’s right: rare earth minerals are found all over the world—including in the U.S.—but China controls over 85% of global refining. That’s the chokehold. The problem isn’t digging the stuff up. It’s turning it into magnets for EVs, missiles, and wind turbines. Even U.S.-mined material often gets sent to China for processing. Until America rebuilds its heavy industry, it will stay dependent. The minerals are here—but the power is still there.
  

• @MarioNawful

• NGOS RAN A PARALLEL GOVERNMENT UNDER BIDEN—AND NO ONE VOTED FOR IT. What started as humanitarian aid turned into an unaccountable empire. NGOs had the funding, the infrastructure, and the cover of virtue—but no voters, no oversight, and no checks. Under Biden, they didn’t just assist the government—they became it. From day one, they executed policies outside the chain of command: mass immigration, ideological programming, and public manipulation—without ever facing the public. This wasn’t a glitch. It was the plan. While officials dodged blame, NGOs operated in the shadows—a bloodless coup hiding in plain sight. 
• EXTREME LEFTISTS DEFEND CHILD SACRIFICE AS “SPIRITUAL”—YES, REALLY. 3 toddlers under the age of 4 were found buried at a Teotihuacan altar in Guatemala—sacrificed in blood-soaked rituals to ancient gods. And how does the radical academic left respond? By defending it. Archaeologist María Belén Méndez claims this wasn’t violence at all—just a “connection with celestial bodies.” This is the modern progressive mindset: romanticize ritual child murder, rewrite barbarism as cultural nuance, and call depravity “divine.” These are the same people lecturing you about morality, history, and who should run society. If you ever needed proof the far-left has completely lost its moral compass—this is it. (pic)
• MIKE BENZ: THE BAR ASSOCATION TOOK $40 MILLION IN GRANTS AND IS SHAPING FOREIGN COURTS. "Look at these grants. $10 million from USAID, $4 million from USAID, $4 million from USAID, $5 million from USAID. $22 million from USAID and $17 million from the State Department. The American Bar Association has gotten $40 million in just these grants alone.” (video) 
• INFLATION COOLS TO 4-YEAR LOW WHILE TRUMP TACKLES TRADE IMBALANCE. U.S. inflation dropped to 2.4% in March, lowest since early 2021. Core inflation fell below 3% for first time in three years as gas prices dipped 10%. Housing costs show signs of improvement at 4.0%, the slowest increase since November 2021. Trump's strategic tariff plan aims to strengthen American manufacturing while markets already anticipate 66% chance of June rate cut. (graph)
• MILEI: ARGENTINA IS READY TO SIGN TRUMP’S RECIPROCAL TRADE PLAN. "At the commercial level, we understand the proposal of Aracela Recíproco that President Trump elaborated, and we are ready to sign a commercial agreement on this line. Greater commercial integration means citizens of both nations can access better goods and services at better prices."
  

• @zerohedge

• Wall Street making an absolute killing. (graph)
• *HARVARD HIT WITH $2.2 BLN FUNDING FREEZE AFTER DEFYING TRUMP.
• speaking of self-inflicted wounds, US debt increase while Janet Yellen was in charge of Fed or US Treasury : $15 trillion.
• OPEC Lowers 2025 Oil Demand Forecast On Trade Tensions.
• China Would Lose A 'Trade War' With The US... "Gradually, Then Suddenly".
• BESSENT: SAYS LONG WAY FROM NEEDING CONTINGENCY PLANS. SAYS "SURE" WHEN ASKED IF ALL OPTIONS ON THE TABLE, SAYS TREASURY HAS BIG TOOLKIT, COULD BOOST BUYBACKS.
• *BESSENT: SOMETIME IN THE FALL FOR DISCUSSING NEXT FED CHAIR.
• Treasury Yields Tumble As S&P Suffers 'Death Cross', Dollar Decline Continues.  

• @MikeZaccardi

• Mag 7 cheapest in more than 2 years. (graph)

• @JackPosobiec

• ADHD WAS A NATIONAL SCAM THAT TARGETED YOUNG BOYS. THIS WAS CRIMINAL. THE NYT JUST ADMITTED IT. (video)

• @TPV_John

• “REAL ID is just your drivers license, silly…What is wrong with you?!” “You will only need REAL ID to fly.” “REAL ID will be used for Voter ID.” Meanwhile, the UNITED NATIONS is literally rolling out a “Journey Pass” which will utilize FULL BIOMETRICS, by way of scrapping all physical boarding passes and this WILL be rolled out to all airports across the world over the next three years, and MANDATORY compliance will be required if you want to fly… This WILL lead directly to the DIGITAL ID, and the coming SOCIAL CREDIT SYSTEM, you know, like the one they utilize in Communist China. Yea, that is EXACTLY where this leads…

Night Trading 

• Asian equity indices are unch. to +1.0% on average. 
• Asia Ex-Japan Investment Grade CDS Index 107.75 -8.0 basis points. 
• China Sovereign CDS 70.75 -2.25 basis points.
• China Iron Ore Spot 97.6 USD/Metric Tonne -.54%
• Swiss Franc/Offshore Chinese Renminbi Cross 8.95 -.28%.
• Bloomberg Emerging Markets Currency Index 36.8 -.05%.
• Bloomberg Global Risk-On/Risk Off Index 55.2 -1.2%.
• US 10-Year Yield 4.36% -1.0 basis point
• Volatility Index(VIX) futures 25.7 +.01%.
• Euro Stoxx 50 futures -.21%. 
• S&P 500 futures -.14%. 
• NASDAQ 100 futures -.16%.

Morning Preview Links

BOTTOM LINE: Asian indices are modestly higher, boosted by financial and consumer discretionary shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 50% net long heading into the day.