Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -22.0% Below 100-Day Average 
• Nasdaq/NYSE Volume Ratio 17.5 +3.9
• 7 Sectors Declining, 4 Sectors Rising
• 35.1% of Issues Advancing, 62.5% Declining 
• TRIN/Arms .87 -33.1% 
  
• Non-Block Money Flow -$93.9M
  
• 86 New 52-Week Highs, 2 New Lows
• 60.1% (-2.1%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 63.9 -.7

Other:

• Bloomberg Global Risk-On/Risk-Off Index 83.0 +1.0%
• Bloomberg Cyclicals/Defensives Index 253.6 +.6%
  
• Morgan Stanley Growth vs Value Index 159.6 +.3%
• CNN Fear & Greed Index 61.0 (GREED) +1.0
• 1-Day Vix 6.7 -29.8%
  
• Vix 14.3 +.5%
  
• Total Put/Call .82 -1.2%

Monday Watch

Around X:

• @Business 

• European Commission President Ursula von der Leyen defended the bloc’s trade deal with the US, arguing that it brings stability and avoids escalating tensions with a key ally.
• Keir Starmer’s government plans to reform the UK asylum appeals process to speed up the deportation of rejected applicants amid nationwide protests over the housing of migrants in hotels. 
• Asian companies are heading into what is expected to be the busiest week of second quarter earnings reports. 
• Venezuela released a group of political prisoners as President Donald Trump’s administration ratchets up pressure on Nicolás Maduro’s socialist regime. 
• Despite the boom in renewables and a fast-approaching climate deadline, China still doesn’t have a coherent exit strategy for coal, according to new research from clean energy advocates.
• Apple is about to kick off a three-year plan to overhaul the iPhone, signaling that it still sees the device as central to its future, @markgurman writes in this week’s Power On. 
• Keurig Dr Pepper is close to a deal to acquire European coffee company JDE Peet’s for roughly $18 billion, the Wall Street Journal reported. 
• Get up to speed on what's moving global markets. 
• Here's what you need to know to start your day. 

• @Zerohedge  

• "We have been expecting baseline tariff levels of around 16%, and yet, actual tariff collection data for June shows a rate of only 8.9%, and a rise of less than 2% over April, May and June" - Morgan Stanley.
• Now Comes the California Fire Sale: China-Based Company Is Buying Up Land Incinerated by Firestorms. 
• Facing Impending Crisis, California Lawmakers Pivot On Fossil Fuels. 
• Dirt Bike Gangs Terrorize Streets From D.C. To Baltimore.
• Home Sales See Record July Cancellations As High Mortgage Rates Weigh On Buyers. 
• Elon Musk Backs Universal High Income Fearing AI Will Take Every Job.
• No Lonesome Doves.
• Russian Nuclear Power Plant Damaged In Ukrainian Drone Attack, IAEA Monitors Radiation.
• Transshipment's Dead End. 
• 64 vs. 33. A lifetime of hard work vs. a silver spoon. The results speak for themselves. The weight of the job is too heavy for “Mamscrawny.” The only thing he can lift is your taxes. (video)
• Government Statistics Are Always Political.
• Late To The Ladder: The Rise In First-Time Home Buyers' Age.
• Systemic Corruption Doesn't Give A Chance For Peace In Ukraine.
• These Are Currently The World's Most Valuable Unicorn Companies.
• Americans Spent Less On Plant-Based Foods In 2024.
• Goldman's Top 10 Charts Of The Past Week.
• Isn't it bizarre that no media asked Lisa Cook about her mortgage fraud allegations in Jackson Hole, Wyoming?   

• @CNBC

• Asia-Pacific markets set to track Wall Street gains on potential Fed rate cut.
• Eli Lilly's obesity pill remains a viable rival to Novo's oral Wegovy despite data that underwhelmed investors.

• @GatewayPundit

• How Congress Can Implement President Trump’s Election Reform Movement and Usher in Hand-marked, Hand-counted Paper Ballots at the Precinct Level.
• Zohran Mamdani Is Not Unstoppable.
• VP JD Vance Shuts Down a Hostile Kristen Welker With Some Basic Facts When She Ignorantly Accuses President Trump of Going Soft on Putin and Russia (VIDEO).

• @FoxNews  

• WATCH: A large explosion rocks Yemen's capital as Israel announces strikes in retaliation for Houthi attacks.
• Nation’s 2 largest teachers unions funneled nearly $50M to left-wing groups, watchdog report says.
• Evacuation orders and warnings are in effect as a wildfire grows to more than 6,500 acres in California’s wine country. (video)

• @MarioNawful

• LAGARDE: EUROPE NEEDS MIGRANTS - OR IT STOPS GROWING. ECB chief Christine Lagarde just stood in Jackson Hole and told the world: Europe’s economy only works if the borders stay open. Let’s be real: A continent that deliberately hollowed out its birth rate and normalized 32-hour workweeks now wants to patch the hole with human imports, while ignoring the social fracture it’s already created. Lagarde’s argument isn’t even economic - it’s ideological: Let wages lag Shrink the native workforce Punish dissent as populism Outsource growth to people who don’t vote (yet) No plan to rebuild a sustainable demographic. No investment in automation. No rethink of work itself. Just open the tap wider - and call it “resilience.” This isn’t a growth strategy. It’s a Ponzi scheme with passports.
• TED CRUZ FLIPS THE SWITCH ON NEWSOM. California’s Gavin Newsom tried roasting Trump by blaming him for a 10% rise in electricity bills. Ted Cruz clapped back by asking where prices are highest, knowing the answer would sting blue strongholds. Data shows Hawaii, California, and Connecticut lead the pack, with San Francisco and New York among top cities. In other words, Democrat states are frying wallets while their leaders pretend Trump controls the power grid.

• @CharlieKirk11

• Boom. No murders in DC for the last 10 days. REMINDER: Over the last seven years, blacks were 112 times more likely than whites to be murdered in DC. Why aren’t Democrats celebrating the saving of black lives?

• @songpionganq

• The danger of Central Bank Digital Currency is not just authorities can stop you from spending your digital money, but also they can stop you from receiving salary through digital wallet. Tens of thousands Chinese people are becoming homeless. ——Because they are blacklisted by Social Credit System. So they are banned from receiving salary through digital wallet WeChat, which leads to no employers want to hire them. They can't find a job to make a living. Eventually they end up becoming homeless. (video)

• @newstart_2024 

• The Global "Digital Gulag" is Being Built Right Now. And It's Called "50 in Five." The United Nations Development Programme, in partnership with Bill Gates, has officially launched a terrifying new initiative. The goal? To strongarm 50 governments into implementing a full "Digital Public Infrastructure" on their populations within five years. Don't let the boring name fool you. This is the integrated control grid they've been dreaming of for decades. It's built on four pillars:

• @catturd2

• JUST IN: Zelensky releases NEW video saying Ukraine will keep fighting Russia until a "Just peace" is achieved. "Ukraine will never again in history be forced into the shame that Russians call compromise." Sniffy the Clown doesn’t want peace. (video)

• @healthranger

• WATCH. This one of only a handful of videos in existence that have captured. glyphosate spraying on North American forests. MOST jurisdictions in North America perform these sprays in near secrecy. (Quebec does not). This is straight-up ECOCIDE. Mass death is their goal, via ecological destruction followed by famine and depopulation.

• @ShadowofEzra

• Bill Gates has returned, not with solutions for the planet but with a blueprint for control, pushing a vision that centralizes power in the hands of a few. He has brought together corporate giants including BlackRock, Microsoft, GM, and Bank of America under the green label of his “Catalyst” fund. They are creating a monopoly that funnels taxpayer money into their own projects and forces the market to adopt their expensive “green” products like synthetic fuels and hydrogen. (video)

• @Humanspective

• Moderna CEO Stéphane Bancel Admits They Paid Fauci's NIH $400 Million in Royalties: "Indeed we recently made before Christmas last year a $400 Million payment to the NIH for an old patent [useful] in development of the COVID vaccine". If DNI Tulso Gabbard reveals that GOF work overseen by Fauci was linked to the covid Pandemic, that means Fauci would have been tied to both the "problem" and the "solution". (video)

• @sayerjigmi

• BREAKING: Historic lawsuit filed against the CDC - backed by 1 MILLION American advocates. Stand for Health Freedom (follow@standforhealth1), representing 1 million citizens nationwide, just took the CDC to federal court. We're demanding they prove the safety of the 72-dose childhood vaccine schedule. They've NEVER tested it. Not once. This changes everything. (thread)

• @visegrad24

• An American tourist was stabbed in the face by a Syrian asylum seeker after stepping to to stop the Syrian from sexually assaulting a German woman on a tram in Dresden, German. The American hero just released a video message about how the German authorities handled the situation. (video)

OpenVAERS: 

• VAERS US COVID Vaccine Adverse Event Reports. 1,026,503 Reports(+728 from prior report) Through Juuly 25th, 2025.

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.
  

Night Trading

• Asian indices are +.25% to +1.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 65.75 -1.0 basis point.
  
• China Sovereign CDS 41.75 -2.0 basis points.
• China Iron Ore Spot 102.1 USD/Metric Tonne +1.5%.
• Swiss Franc/Offshore Chinese Renminbi Cross 8.92 -.34% 
  
• Bloomberg Emerging Markets Currency Index 36.6 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 82.5 +.4%.
• US 10-Year Yield 4.27% +1.0 basis point.
  
• Volatility Index(VIX) futures 17.2 +.9%. 
• Euro Stoxx 50 futures -.35%.
• S&P 500 futures -.12%.
• NASDAQ 100 futures -.13%.

Morning Preview Links

BOTTOM LINE: Asian indices are modestly higher, boosted by consumer discretionary and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the week.

Today's Headlines

Around X:

• @Business

• President Volodymyr Zelenskiy said “all the developments” to set up security guarantees for a post-war Ukraine will be “ready in the coming days". 
• Canada is confident of reaching a trade deal with the US after scrapping most of its retaliatory tariffs, according to a senior minister in Mark Carney’s government. 
• The US and India continue to talk trade despite strained relations after US President Donald Trump imposed tariffs on imports from the South Asian nation. Listen to that and the latest stories on Bloomberg News Now.
• Bank of Japan Governor Kazuo Ueda said bringing more women into full-time jobs and employing more foreign workers could help address the labor squeeze created by Japan’s aging population and low birth rate. 
• The European Central Bank is in no rush to lower interest rates further after inflation hit its 2% target and with the economy performing slightly better than thought, according to Governing Council member Olli Rehn. 
• Fed Chair Jerome Powell’s speech at Jackson Hole turned out to be a surprise for markets, sending them into full cutting frenzy mode. @tomkeene, @tracyalloway and
  @TheStalwart discuss the chairman's speech and the possible candidates for the next Fed chair position. (video)
• Credit investors are pouring billions of dollars into AI investments, just as industry executives and analysts are asking whether the new technology is inflating another bubble.
• US government debt could reach 250% of gross domestic product without putting upward pressure on interest rates, according to a paper presented at the Jackson Hole conference.
• Burkina Faso suspended a Gates Foundation-funded research program aimed at stopping the spread of malaria after the initiative drew criticism from anti-Western activists.
• In this Wall Street Week, David Westin talks to Chevron's CEO and visits Jackson Hole, Wyoming.
• Hedge funds slashed their bullish position on crude to the lowest in about 17 years as risks of additional sanctions on Russian crude waned, bringing concerns about a global supply glut back to the fore.
• What happened in the global economy this week — in charts.

• @Zerohedge 

• Ghislaine Maxwell Says Father Was Intelligence Asset, Trump 'Was Never Inappropriate': DOJ Transcripts.
• Now It's All About Payrolls To Dictate Powell's Pace; Goldman.
• Think Tank Urges Dems To Drop These 45 Terms That Turn Off Normies.
• Declared Conflicts Of Interest for CDC Advisers Dropped Before RFK Jr. Dismissals: Study.  
• The New York Times Publishes False Energy And Climate Information And Refuses To Correct Its Errors. 
• National Guard Mobilizing Across 19 States To Clean Up Democratic Party's Alarming Failures
  .
• 1. Former National Security Advisor John Bolton is a well-documented neocon, who operates inside the business model of selling U.S. foreign policy influence for personal gain. His activity mirrors that of former Senator John McCain in many regards
  . 
• Cracker Barrel’s genius plan to distract from the horrible rollout of its garbage store redesign and soulless logo was to fly a bunch of gay TikTok influencers who aren’t even Cracker Barrel customers to New York City to mouth some lines about how everything is awesome. (video) 
• What Are The Real Reasons Behind Washington's Latest Show Of Force Against Venezuela?  
• Microsoft Failed To Disclose Key Details About Use Of China-Based Engineers In U.S. Defense Work, Record Shows.
• Escobar: Even After The Headmaster's Humiliation, Europe Insists That Peace Is War. 
• Canada's Refusal To Cooperate With DEA On Fentanyl "Superlab" Investigation Fueled Cross-Border Tariffs
  . 
• Atlas Robot Moves Spot Parts From One Place To Another As Humans Keep Playing Tricks On It.
• Washington D.C. Has The Highest Unemployment Rate In The Nation.
• How Managers Are Using AI To Hire And Fire People.
• Why is it so hard to refresh a brand without killing its heritage with Mordern minimalist slop? FIRE all those designers. I did this in 10 minutes. Honor heritage - reject modern slop. (pic)  
• Trump's Tariffs Will Reduce Deficits By $4 Trillion Over Next Decade, Says CBO Report.
• Fed's Schmid Says Mortgage Applications Should Be Less Paperwork. Oh no, did he pull a Cook too? Oops.  
• BREAKING — The U.S. Election Assistance Commission just opened a public comment period on AFL’s petition to REQUIRE PROOF OF CITIZENSHIP to vote. Help us STOP noncitizen voting and secure OUR elections! Submit your comment by October 20. 
• Shocking NEW Documents Expose Multi-Front Effort To Protect Clintons While Framing Trump. 
• US Capital, LP: 1) direct investment in rare earth miner. 2) direct investment in iconic chipmaker. next: 1) plow billions into INTC to take market share from Taiwan. 2) make direct investments in nuclear companies and upstream suppliers. 3) invest billions in US power grid.
• U.S. Government Finalizes Deal For 10% Equity Stake In Intel, Will Release $8.87 Billion In Funding.
• Russell seeing the biggest outflows in years so far in 2025. (graph)  
• *TRUMP ANNOUNCES TARIFF PROBE INTO FURNITURE IMPORTS.
• 'Wake Up & Smell The Coffee... We're Marching Into A Promised Land Of Accountability...'.
• 'Dovish' Powell Drives Dollar-Dump, Panic-Buying Across Risk-Assets.

• @MarioNawful 

• MISSISSIPPI DECLARES PUBLIC HEALTH EMERGENCY OVER INFANT DEATHS. Mississippi has officially hit the panic button. The state just declared a public health emergency after its infant mortality rate jumped to 9.7 deaths per 1,000 live births, the worst it’s been in over ten years. Since 2014, 3,527 babies have died before reaching their first birthday. The biggest causes: birth defects, babies born too early or too small, and Sudden Infant Death Syndrome.
• CHINA TO MAKE EVERY CHINESE KID AN AI WHIZZ. China just made AI training mandatory in schools, starting in first grade. By high school, kids will know how to train models, build neural networks, and do data analysis, while American kids are working on their multiplication tables. They’re adding courses in robotics, machine learning, and even digital ethics for high schoolers. The goal? turn the tables on the West and take control of humanity's future. (video)

• @BarronsOnline

• Had bullish commentary on (FCFS) and (QXO).

• @IGSquawk 

• Weekend markets update: #DAX 24373 +0.05% #DOW 45622 -0.05% #NASDAQ 23535 +0.11% #FTSE 9338 -0.01% #HANGSENG 25723 +0.00% #EURUSD 11731 +0.08% #GOLD 3375 +0.07% #USOIL 6347 -0.40% #TSLA 33999 +0.00%.

• @CNBC

• What wealthy parents need to know about giving real estate to their kids. 
• Buy these outperforming stocks with room to run, says UBS.
• Meta set to unveil first consumer-ready smart glasses with a display, wristband next month. 
• Fed is 'dovish' again and that's a 'green light' for small caps, Fundstrat's Tom Lee says. 

• @cjbakermd

• Geoengneering is RUINING our atmosphere. STOP THE SPRAYING! (video)

• @GatewayPundit 

• Trump Administration Blocks Ukraine From Using US-Provided Long-Range Missiles on Strikes in Russian Territory: REPORT.
• Corrupt Democrats Smear Michigan City With Election Fraud Scandals Including Individual Charged with Forging Nursing Home Ballots.
• The ‘Maryland Dad’ Hoax Illustrates the Moral Collapse of the Left.
• As Anti-migrant Protests Pick-up Momentum and Mobilize 30 Cities Across Britain, Reform UK’s Nigel Farage Unveils His Plans for Mass Deportation of Illegals With 5 Flights Taking Them Out per Day (VIDEO COLLECTION).
• Rising GOP Star Winsome Earle-Sears Responds to Vile Racist Sign Held by Liberal White Woman.
• WATCH: VP JD Vance Buries NBC’s Kristen Welker with a Masterful Response After She Slyly Accuses Trump of Seeking “Retribution” Against Warmonger John Bolton.
• Housing Regulator Bill Pulte Refers Two More Individuals to Justice Department for Mortgage Fraud.

• @WallStreetApes

• New Jersey Democrats have been letting China buy their freeways. China owns freeways in New Jersey and has access to the fast lane camera data and E-ZPass system - A $1.73 billion contract awarded by the New Jersey Turnpike Authority (NJTA) to TransCore - TransCore is owned by Singapore-based ST Engineering - ST Engineering is tied to the Chinese Communist Party (CCP) through its parent company, Temasek Holdings. This is a National Security risk as this Chinese tied company TransCore manages the E-ZPass system which collects sensitive driver data. This video also goes over several other areas of America the Chinese have been allowed to purchase. (video)

• @RodDMartin

• Because this is how Democrats believe you should be pro-woman: by erasing women. (pic)

• @HealthRanger

• Crapper Barrel has a woke problem: (pic)

• @charliekirk11 

• Idiots in DC are chanting “Black Lives Matter” while Trump is literally saving black lives. Over the last seven years, 1,241 blacks were murdered in DC vs just 11 whites — 112 times more likely!! Zero of either have been killed in the last week. (video)

• @gurgavin

• ACCORDING TO WALL STREET GOOGLE’S 6 MAIN BUSINESS ARE WORTH $3.5 TRILLION ON A STAND ALONE BASIS. THE $3.5 TRILLION DOZENS EVEN INCLUDE DOZENS OF SMALLER UNITS. GOOGLE IS CURRENTLY WORTH JUST $2.5 TRILLION.

• @MJTruthUltra

• This is so messed up… and it’s exactly why Trump needs us. Jeff Bezos Washington Post Bureau Chief is BUSTED on Camera Admitting their Paper absolutely WILL NOT Run any Positive Trump Stories - Matt Viser tells former pageant contestant the outlet contacted multiple women from Trump-owned pageants seeking negative experiences. (video)

• @CollinRugg

• A foreign investor has quietly gobbled up 9 oceanfront lots in Malibu for $65 million following the January wildfires. The investor reportedly assembled a team to track down owners because the "desirable" sites weren't publicly listed. "He started building a team on his end of expediters, architects and kind of figured out what the best size lots and frontage would be to build on to eventually resell," said the agent, Weston Littlefield of the Weston James Group, to Realtor . com. "I’d say probably about 50% had sentimental value to their properties just based on memories, or their parents passed it down to them." "But a lot of them, ultimately, just didn’t want to go through the rebuilding process because of how long they knew it was going to take to really come back." Infuriating. (video)

• @catturd2

• Corrupt traitor. John Bolton’s net worth is $90 million according to Forbes… His pre-tax earnings during his time as gov employee were roughly $1.6 million. He lives in highly taxed MD. That’s a lot of “consulting” income. Peddling intelligence for $ is very lucrative.. We’re about to see.

• @DC_Draino 

• Oh look - 2 of the 3 largest stockholders in Cracker Barrel are BlackRock and Vanguard. The DEI & ESG kings of Wall Street. Now do you see why their girl boss puppets did what they did? This is an intentional erasure of American heritage.

• @MidwesternDoc

• The most puzzling part of the COVID vaccine is its ability to "shed" and harm those who never got it. A peer-reviewed study just validated the thousands of shedding reports I've evaluated. Please share your story so we can untangle this mystery.

• @MikeBenzCyber

• We now have both Ghislaine Maxwell AND Jeffrey Epstein's lawyers directly telling the Justice Department they helped set up the Clinton Global Initiative. (video)

• @visegrad24

• BREAKING: Outrage in the Netherlands after an asylum seeker is arrested for the murder of 17-year-old Lisa who was riding her bike back home from a party in Amsterdam. She called the police tell them that she was being followed. Seconds later, the dispatchers could hear here screaming for help as the migrant started stabbing her in the neck. The 22-year-old asylum seeker had raped another young girl 5 days earlier and was behind an attempted sexual assault on another girl 10 days earlier. The police haven’t revealed his nationality yet. They have only said that he was living in a tax-payer funded asylum center at the time of the attack. The Dutch are now calling for mass-deportations.

• @TaraBull808

• Watch the feet closely. This is actually insane. (video)

OpenVAERS:  

• VAERS US COVID Vaccine Adverse Event Reports. 1,026,503 Reports(+728 from prior report) Through Juuly 25th, 2025.

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Stocks Surging into Final Hour on Rising Fed Rate-Cut Odds, Falling Long-Term Rates, Earnings Outlook Optimism, Tech/Transport Sector Strength

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 36.6 +.3%
• US 10-Year T-Note Yield 4.26% -7.0 basis points
• 3-Month T-Bill Yield 4.19% -5.0 basis points

• China Iron Ore Spot 102.7 USD/Metric Tonne +2.1%
• Dutch TTF Nat Gas(European benchmark) 33.6 euros/megawatt-hour +1.2%

• Citi US Economic Surprise Index 15.1 +.1 point

• Citi Eurozone Economic Surprise Index 33.0 -4.9 points

• Citi Emerging Markets Economic Surprise Index -2.1 -.3 point
• S&P 500 Current Quarter EPS Growth Rate YoY(474 of 500 reporting) +11.0% unch.
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 288.43 +.15:  Growth Rate +12.9% unch., P/E 22.4 +.3
• S&P 500 Current Year Estimated Profit Margin 13.43% unch.
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(7 of 10 reporting) +23.6% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 471.76 +1.15: Growth Rate +25.0% +.1 percentage point, P/E 32.2 +.5
• Bloomberg US Financial Conditions Index .56 -4.0 basis points
• Bloomberg Euro-Zone Financial Conditions Index 1.30 +12.0 basis points
• Bloomberg Global Trade Policy Uncertainty Index 4.3 unch.
• US Yield Curve 56.5 basis points (2s/10s) +3.0 basis points
• US Atlanta Fed GDPNow Q2 Forecast +2.3% unch.
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 41.5% -.7 percentage point

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.89% unch.: CPI YoY +2.84% unch.
• 1-Year TIPS Spread 2.73 +6.0 basis points
• 10-Year TIPS Spread 2.42 +3.0 basis points
• Highest target rate probability for Oct. 29th FOMC meeting: 49.1% (-2.4 percentage points) chance of 4.0%-4.25%. Highest target rate probability for Dec. 10th meeting: 48.3%(+1.4 percentage points) chance of 3.75%-4.0%. (current target rate is 4.25-4.5%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +350 open in Japan 
• China A50 Futures: Indicating +127 open in China

• DAX Futures: Indicating +43 open in Germany

Portfolio:

• Higher: On gains in my consumer discretionary/tech/utility/industrial/financial sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my emerging market shorts
• Market Exposure: Moved to 100% Net Long