Tuesday Watch

Around X:

• @Business  

• The White House said President Trump is mulling options in Iran, including airstrikes, but that diplomacy is his first choice. Trump has also spoken to Elon Musk about restoring internet communications in Iran, Press Secretary Karoline Leavitt said Monday. 
• Japanese Prime Minister Sanae Takaichi will seek closer ties with South Korea as Tokyo moves to contain a deepening diplomatic and trade dispute with China and counter Beijing’s efforts to drive a wedge between key US allies. 
• Oil traders are lining up protection against a spike in prices at a rate never seen before on concern that protests in Iran will escalate and result in a disruption to supply. 
• China Turns to Big Data and Public Shaming in Hunt for Tax Evaders.
• Wall Street homebuyers rattled by President Trump’s broadside are plotting their own proposals to defuse the risk of getting shut out of the housing market. 
• AbbVie has signed an agreement with the US government to lower some drug prices and invest $100 billion domestically in exchange for an exemption from certain tariffs.
• Merck wants to strike more deals, seeing an opportunity for “multi tens of billion”-dollar acquisitions.
• Federal Reserve Bank of New York President John Williams said interest rates are “well positioned” to stabilize the labor market and bring inflation back to the central bank’s 2% goal. 
• Small-capitalization stocks just notched their longest winning streak over their larger peers in seven years. 
• SK Hynix plans to spend $12.9 billion building a new advanced chip packaging facility, initiating a big expansion in anticipation of AI demand.
• Get up to speed on what's moving global markets.
• Here's what you need to know to start your day.         

• @ZeroHedge

• New Documents Detail Jack Smith's $20K Bribe To Informant.
• Wisconsin teenager admits to killing his parents in plan to assassinate President Trump and flee to Ukraine.
• Their Bodies Were Irreversibly Damaged, Now These Former Transgender Teens Are Fighting for Justice.
• Imagine if the Labour Party had taken rape gangs as serious as bikini photos on X. Probably going to jail for saying this.   
• "The Globalist Deep State Is In Panic Mode" After Trump's Cash Cut-Off.
• Mexico Reports Positive Conversation With Trump On Security, Drug Trafficking.
• Trump Imposes 25% Tariff On Any Country Doing Business With Iran "Effective Immediately".
• Anduril Founder @PalmerLuckey on China’s Critical Threat Against the U.S. Military: “They’re building weapons that are sometimes better than ours, for a tenth of the price, and 100x the scale.” “The real power of the Chinese military is their ability to manufacture… unfortunately, right now they are very much on the right side of the equation.” “Anti-ship missiles are a huge concern… it’s very hard to defend against them. Even if you can defend against one, can you defend against 10? Can you defend against 100?” “When our aircraft carriers cost billions of dollars, you can justify throwing a lot of missiles at it and it still makes sense, from China’s perspective.” (video)  
• House Republicans Coalesce Around Stock-Trading Ban For Lawmakers.
• On The Lefty-Left's Largely Female Hysteria.
• Stocks & Bonds Shrug Off Trump's Fed Feud; Gold & Crypto Jump.   

• @CNBC

• CNBC Daily Open: Powell probe rattles Washington, but Wall Street shrugs.
• Trump says Microsoft will make changes to ensure consumers don't pay for power used in AI buildout.
• Tuesday's big stock stories: What’s likely to move the market in the next trading session.  
• Asia-Pacific markets set to rise, shrugging off geopolitical tensions and Powell probe.
• Stock futures are little changed ahead of consumer inflation report, bank earnings: Live updates.  
• Trump says any country doing business with Iran will face 25% U.S. tariff.
• OpenAI acquires health-care technology startup Torch.

• @MarioNawful

• ELON JUST CALLED THE EU'S BLUFF - OPEN SOURCING X'S ALGORITHM IN 6 DAYS. @ElonMusk is making X's entire recommendation algorithm public January 17th. Every line of code showing what posts you see and why. Then updating it every 4 weeks with developer notes. This is a direct response to France classifying X as an "organized gang," the same legal designation they use for drug cartels and mafia, so they could wiretap employee phones and demand algorithm access.

• @LauraLoomer

• The only reason why Democrats are speaking out about the Islamic Regime in Iran *now* is because they know once Iran falls, billions of dollars of generational wealth is about to be unlocked, sanctions will likely be lifted, and there’s going to be a lot of money flowing from Iran to the United States and vice versa. The Democrats are trying to get some Iranian donors by pretending like they haven’t spent the last 60 years supporting Islamic terrorism. It’s so transparent. @AOC

• @MarcNixon24

• KEIR STARMER has done the IMPOSSIBLE. He united the LEFT. He united the CENTRE. He united the RIGHT. The entire country agrees on ONE thing: STARMER OUT. Approval below 18%. That’s NATIONAL REJECTION. History-level failure. (video)

• @TheSCIF

• The global influx in illegal migrants was used to destabilize countries, including the U.S., rob the system and the American people blind, and change the U.S. voter map, fix elections, and permanently install a tyrannical communist regime. The 2020 Election was stolen and they almost did it again in 2024. This moment in time is the most important in history. Accountability must follow, justice must be swift. If the U.S. falls, the rest of the world will follow. It's time to come together, stand up, speak up, and fight back. Your country literally depends on it. (video)

• @MikeBenzCyber

• This cannot stand. It'll be hard to describe the level of betrayal voters like me will feel for being forced to fund, yet again, with no strings attached, this monstruous organization which has targeted us all so ruthlessly and so systematically with our own tax money.

• @WallStreetApes

• Former Minnesota congresswoman Michele Bachmann says that Minnesota Democrats create inflated budgets so they can launder the extra money as grants to their friend’s NGOs. “Here's the dirty secret that people don't understand about Minnesota. Progressive lawmakers have been inflating Minnesota's budget so they can create grants to fund nonprofits. That ultimately are for their friends, for their supporters, for their constituent groups. (video)

• @TomFitton

• Curious: Bill and Hillary Clinton's law firm was recently hired as "outside counsel" by Powell.

• @HustleBitch_

• DARPA HAS AN INVISIBLE WEAPON THAT COOKS YOU ALIVE - AND IT’S ALREADY BEING USED ON PEOPLE WHO CAN’T PROVE IT. The Active Denial System is real. A silent directed-energy weapon with DARPA fingerprints all over it, built to override the human nervous system by convincing your body it’s being burned alive from the inside, triggering panic, paralysis, vomiting, loss of motor control, and collapse without bullets, sound, marks, or evidence - the perfect weapon if you don’t want witnesses or accountability. (video)

• @ScottPresler

• If I wanted to commit large-scale voter fraud, I would Open the border Allow in millions of illegal aliens Give Driver’s Licenses to illegal aliens Register anyone w/ a DL to vote Mail a ballot to every registered voter Hide voter rolls from the DOJ Allow 1 voter to vouch for 8 others. Pass the SAVE Act!

• @mattvanswol

• An absolutely MASSIVE mural for Iryna Zarutska has just been unveiled in Los Angeles. ...truly unbelievable. Elon Musk and Eoghan McCabe kept their promise to fund these all over the country. YOU HAVE NOT BEEN FORGOTTEN IRYNA!!!!!! (video)

• @elonmusk

• How dumb is it that we cant pass secure voting laws when we have the House, Senate and the Presidency? -@GuntherEagleman. Suicidally dumb.

• @RWMaloneMD

• This is shocking - and yet can we be any more shocked about what is going on with our food supply at this point in time? This also implies that probably all of our produce is being sprayed with pesticides in warehouses or the stores themselves. This is most likely a widespread practice. Buyer beware doesn't even begin to cover such malfeasance.

• @LightOnLiberty

• Sidney Powell exposed that Peter Neffenger, President of Smartmatic, was sitting on Biden’s Presidential Transition Team and that MILLIONS of votes was shifted from President Trump to Biden from their software designed to do exactly that. (video)

• @GuntherEagleman

• For your reference. GOP Senators NOT Supporting the SAVE Act. (list)

• @redpilldispensr

• Move along, nothing to see here. Just one of Bill Gates' gigantic megayachts. The same Bill Gates who owns a fleet of private jets. The same Bill Gates who owns half a dozen mansions. The same Bill Gates who wants you to swap you car for a bicycle and your steak for lab-grown meat to stop climate change. (video)

Night Trading 

• Asian equity indices are +.5% to +1.5% on average. 
• Asia Ex-Japan Investment Grade CDS Index 64.75 unch.
• China Sovereign CDS 41.0 unch.
• China Iron Ore Spot 109.3 USD/Metric Tonne +.06%. 
• Gold 4,606.4 USD/t oz. -.2%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.74 +.04%.
• Bloomberg Emerging Markets Currency Index 36.1 -.06%.
• Bloomberg Global Risk-On/Risk Off Index 102.1 +1.7%.
• US 10-Year Yield 4.18% unch.
• Japan 30-Year Yield 3.47% +5.0 basis points. 
• Volatility Index(VIX) futures 18.0 +.1%.
• Euro Stoxx 50 futures +.23%. 
• S&P 500 futures -.11%.
• NASDAQ 100 futures -.27%.

Morning Preview Links

BOTTOM LINE: Asian indices are modestly higher, boosted by industrial and technology shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.

Stocks Reversing Modestly Higher into Final Hour on US Economic/Earnings Optimism, Stable Long-Term Rates, Technical Buying, Alt Energy/Tech Sector Strength

Economic/Market Gauges:

• North American Investment Grade CDS Index 49.0 -.2%
• Bloomberg US Securitized MBS/ABS/CMBS Avg. OAS .18 -9.0 basis points
• BofA Global Financial Stress Indicator -.31 -2.0 basis points
• European Financial Sector CDS Index 52.8 -.06%
• Emerging Market CDS Index 126.6 +.6%
• Bloomberg Global Trade Policy Uncertainty Index 2.2 +.5

• Citi US Economic Surprise Index 7.3 -1.1 points

• Citi Eurozone Economic Surprise Index 24.8 -3.2 points

• Citi Emerging Markets Economic Surprise Index 25.6 -4.6 points 
• S&P 500 Current Quarter EPS Growth Rate YoY(17 of 500 reporting) +31.4% unch.
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 311.94 +.63:  Growth Rate +15.9% +.3 percentage point, P/E 22.4 +.2
• S&P 500 Current Year Estimated Profit Margin 13.50% unch.
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(0 of 10 reporting) +n/a +n/a
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 488.86 +2.10: Growth Rate +19.0% +.5 percentage point, P/E 32.4 +.2
• Bloomberg US Financial Conditions Index .86 +6.0 basis points
• US Yield Curve 64.0 basis points (2s/10s) -5.25 basis points 
• Bloomberg Industrial Metal Index 172.6 +1.7% 
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 26.5% -1.6 percentage points
• US Atlanta Fed GDPNow Q4 Forecast +5.1% unch.
• US 10-Year T-Note Yield 4.19% +2.0 basis points
• 1-Year TIPS Spread 2.67 +1.0 basis point

• Highest target rate probability for March 18th FOMC meeting: 72.7% (+1.4 percentage points) chance of 3.5%-3.75%. Highest target rate probability for April 29th meeting: 60.7%(+2.7 percentage points) chance of 3.5%-3.75%. (current target rate is 3.5-3.75%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +2,286 open in Japan 
• China A50 Futures: Indicating +62 open in China

• DAX Futures: Indicating +160 open in Germany

Portfolio:

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

Bull Radar

Style Outperformer:

• Small-Cap Growth +.6%

Sector Outperformers:

• 1) Computer Hardware +5.2% 2) Gold & Silver +4.3% 3) Alt Energy +3.6%

Stocks Rising on Unusual Volume:

• DAWN, KC, BEAM, HYMC, BIOA, ZBIO, IMSR, BKKT, CDNA, ADPT, GILT, ANIP, MBX, CRWV, CMCL, LIND, GOLD, TAL, BABA, PL, IREN, HL, HMY, ALMS, XPEV, BILI, VNET, JKS, SEDG, VELO, SNCY, ANAB, RARE, PSTG, EOSE, GDS, SBSW, NEXA, LMND, AG, CDE, SUPX, PSLV, EH, WB, ERO, DXCM, BHVN, AMPX, TIGR, TPC, BIDU, CAMT, ZIM, ATRO, KGC, ENPH, U, CHWY, AXSM, FORM, AAUC, DXYZ, ISSC, SATS, UMAC, LQDA, JD, JOYY, CLPT, VST, CSTM, COHR, AKAM, TEM, PCT, CEF, RGNX, TEO, EVMN, FCX, PAAS, SCCO, CYTK, FWRG, WMT, OMDA, ANGO, UPB, MIRM, NEWT, AA, VVX, SNDK and SITE

Stocks With Unusual Call Option Activity:

• 1) TIGR 2) UP 3) BILI 4) CRK 5) ERAS 

Stocks With Most Positive News Mentions:

• 1) ADPT 2) BABA 3) NDLS 4) CDNA 5) BEAM

Sector ETFs With Most Positive Money Flow:

• 1) MAGS 2) XHB 3) SHLD 4) XLK 5) XLV

Charts:

• ETFs Rising on Unusual Volume
• Stocks Rising on Unusual Volume

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (BK)/1.91
• (CNXC)/2.91
• (DAL)/1.53
• (JPM)/4.85 

After the Close: 

• None of note

Economic Release 

6:00 am EST

• The NFIB Small Business Optimism Index for Dec. is estimated to rise to 99.4 from 99.0 in Nov. 

8:30 am EST

• The CPI MoM for Dec. is estimated to rise +.3%
• The Core CPI MoM for Dec. is estimated to rise +.3%.
• Real Average Weekly Earnings YoY for Dec. 

10:00 am EST

• Census releases Sept.-Oct. New Home Sales Reports.

2:00 pm 

• The Federal Budget Deficit for Dec. is estimated at -$155.0B versus -$173.3B in Nov. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Musalem speaking, Fed's Barkin speaking, ADP weekly employment change, weekly US retail sales reports, 30Y T-Bond Auction, weekly API crude oil stock report, Cleveland CPI MoM for Dec., IBD/TIPP Economic Optimism Index for Jan., JPMorgan Healthcare Conference, Needham Growth Conference, CJS Securities New Ideas Conference and the Evercore ISI Retail Summit could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Afternoon Market Internals

NYSE Composite Index:

• Volume Running +.4% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 13.4 +1.5
• 5 Sectors Declining, 6 Sectors Rising
• 55.4% of Issues Advancing, 41.9% Declining 
• TRIN/Arms 1.02 -35.0%
• Non-Block Money Flow -$72.8M
  
• 195 New 52-Week Highs, 16 New Lows
• 68.6% (+.6%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 66.2 -1.7

Polymarket:

• Supreme Court Rules in Favor of Trump's Tariffs? 27.0% unch.
• Will there be another US government shutdown by January 31st? 27.0% +3.0 percentage points
• Will China invade Taiwan by end of 2026? 13.0% -1.0 percentage point
• US strikes Iran by June 30th 65.0% +11.0 percentage points

Other:

• Bloomberg Global Risk-On/Risk-Off Index 100.4 -.8%
• US High-Yield Tech Sector OAS Index 425.75 +2.25 basis points
• Bloomberg Cyclicals/Defensives Index 272.8 -.4%
• Morgan Stanley Growth vs Value Index 160.6 +1.1%
• CNN Fear & Greed Index 51.0 (Moved to GREED from NEUTRAL) +6.0
• 1-Day Vix 8.0 -5.5%
  
• Vix 15.1 +4.0%
  
• Total Put/Call .89 +17.1%

Monday Watch

Around X:

• @Business   

• President Donald Trump said that the US is closely monitoring the protests in Iran and is mulling potential options as the Islamic Republic faces its third week of nationwide protests, the largest since 2022. 
• Australia plans to buy and stockpile minerals essential for defense and advanced technologies from domestic mining companies to help strengthen global supply chains.
• President Trump signaled he’s leaning toward excluding Exxon from his push for US oil majors to spend at least $100 billion to rebuild Venezuela’s petroleum industry.
• Federal Reserve Chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment related to his June congressional testimony on renovations of the Fed’s headquarters.
• Gold rose after US jobs data left expectations for additional US interest-rate cuts intact, while intensifying protests in Iran kept geopolitical tensions elevated. 
• The US economy this year will get a boost from tax cuts, real wage gains and rising wealth while inflation will moderate, according to Goldman Sachs economists.
• Anthropic is rolling out new features for doctors and patients, part of a broader push into the lucrative health care sector. 
• Bond investors’ overarching wager on the path of the Federal Reserve and the Treasuries market in 2026 looks like it has room to run.
• Get up to speed on what's moving global markets
  .
• Here's what you need to know to start your day
  . 

• @Zerohedge

• Trump Urges Cuba To Strike Deal With US "Before It's Too Late" After Oil, Money Cut Off From Venezuela.
• Despite the war between Trump and Powell going nuclear, odds of a federal charge against the Fed Chair remain muted, at just 18% on Polymarket.
• *TRUMP SAYS US MAY MEET WITH IRAN. *TRUMP SAYS IRAN CALLED TO NEGOTIATE YESTERDAY.
• K-Shaped Economy Is Here To Stay As Goldman's Consumer Dashboard Shows Growing Divide.
• TRUMP: "Iran is starting to cross my red line. There seems to be some people killed that aren't supposed to be killed. We are looking at it very seriously, the military is looking at it and we're looking at some very strong options." (audio) 
• Video message from Federal Reserve Chair Jerome H. Powell: (video)
• Footage shows the aftermath after a person drove a U-Haul truck into Iranian protests in Los Angeles, California, reportedly injuring several people. (video)   
• Trump Order Taking US Out Of UN Climate Orgs Caps Flood Of Corporate Exits. 
• AOC Joins Top Dems In Abrupt Pivot Against 'Antisemitism'.
• In An Instant Trump Reordered The Global Geopolitical Map.
• Dear oppressed Iran, my brave compatriots, In the past two weeks, especially in the last four days, you have shaken the foundations of the illegitimate regime of the Islamic Republic with your million-strong demonstrations. Now, relying on your million-strong response to the calls of the past days, and with the legitimacy and popularity I have received from you, I announce another stage of the national uprising to overthrow the Islamic Republic and reclaim our dear Iran. -@PahLaviReza. (video) 
• Former Special Counsel Jack Smith Confirms His Utter Contempt For The First Amendment Before Congress. 
• Its a tough call. Do you work with - A failing, incompetent Marxist-controlled government that in its last stages - but you've been there for the last 100 years? Or Venezuela. 
• The Democrats' "Affordability" Ploy To Avoid Accountability.
• MN Lawmakers Say Fraud Whistleblowers Were Threatened With Retaliation.
• CES Came And Went. Here's What Stood Out.
• A Rare Moment: Goldman Trader Sees Trifecta Of Fiscal, Monetary, & Regulatory Policy At Your Back.
• White House Amplifies Shocking Claims Of US Super Soldiers Deployed In Maduro Raid.
• UK Government Video Game Warns Kids They May Be Terrorists For Questioning Mass Migration. 
• This is actually happening!! -@elonmusk.

• @CNBC

• Asia-Pacific markets set to open higher, tracking Wall Street gains on U.S. jobs data.
• Stock futures are flat ahead of a busy week of earnings, economic data: Live updates.
• Google bolsters bet on AI-powered commerce with new platform for shopping agents.
• How the AI data center bubble story is playing out inside one booming energy stock.
• Earnings playbook: Goldman Sachs and other big banks lead the first batch of the season's reports.   

• @MarioNawful

• For those who’ve always wondered: “Where do Soros’ professionally trained, paid protesters come from?” (video) 

• @GenFlynn

• This interview is as serious as a heart attack because in this, the gentleman speaking accuses former VP @Mike_Pence of complicity in alleged child trafficking ring. And this man is a very credible source who is clearly sticking his neck out. (video)

• @TheSCIF

• DARPA, Palantir, Boeing, foreign countries, and even Google have programs and technology that can read & write, manipulate, induce, project, and effect things and people in ways you never thought possible. All this is already here and already weaponized. The tech reported in the U.S. military raid on Maduro is just a taste. These DEWs have many layers and include, A.I., electromagnetics, and other frequency weapons. (video)

• @WallStreetApes

• Number of arrests under Republicans. Russia Collision Hoax: 0. Jan 6: 0. Mar-a-Lago: 0. Biden Autopen: 0. Jeffrey Epstein clients: 0. DOGE Findings: 0. COVID: 0. Benghazi: 0. Ukraine Impeachment Hoax: 0. Funding Nationwide Protests: 0. 2020 Stolen Election: 0. Allowing illegals Voting: 0.
• Chicago resident reporting “Don’t let the media fool you. This was the size of the ICE protest”. Social media clips and the mainstream media frame these protests as massive, they show up close crowd shots and chaos. If you zoom out, the reality is much different. (video)
• Mike Benz is worried the case against Nicolas Maduro may end up getting dismissed. He says the CIA is who setup the cocaine trafficking networks in Venezuela and to make sure details of this don’t get released the CIA will want the DOJ to drop it. (video)

• @TomFitton

• BREAKING: @FBI leadership fired no more than 138 employees ("other separations") since January 20, 2025, according to official OPM data. Of the 3,063 FBI employees who left FBI employment since President Trump came back to office, most retired (872) or quit (980). The FBI has about 35.3k employees total. (pic)

• @RenzTom

• Before going to the FBI, Bongino constantly spoke of accountability for the leftists destroying our country and the evil child rapists in the Epstein ring. After his several-month stint at the FBI—where Bongino failed to arrest anyone of consequence, failed to arrest any of the criminal leftists destroying our country, and outright lied about the Epstein child rapist ring—he is now trying to go viral to make money off his “principled support” of the crooks undermining Trump by failing to bring accountability to anyone. He calls people who truly want to MAGA a cancer while saying whatever Wiles and Bondi tell him to for money and clicks. This is the definition of grifting.

• @mirti55453

• WHAT THE FALL OF THE IRANIAN REGIME WOULD MEAN FOR AMERICA. Not fantasy. Not theory. A hard-power analysis. Everyone talks about if Iran collapses. No one talks about what it actually means for the United States. Here’s the truth:

• @akafaceUS

• People are literally walking out of theaters after realizing Leonardo DiCaprio’s new film One Battle After Another is pushing anti-ICE propaganda. It paints federal enforcement as the enemy, encourages radical activism, and even frames releasing illegal immigrants from detention as some heroic cause. Enough already. (video)

• @GuntherEagleman

• JUST IN: DOZENS of radical leftists are straight-up STALKING ICE agents, tailing them in vehicles, following on foot, putting our heroes in EXTREME danger while they’re outnumbered! Minneapolis PD? Sitting on their hands doing ABSOLUTELY NOTHING. (video)

• @ElonMusk

• “𝙒𝙝𝙮 𝙞𝙨𝙣’𝙩 𝙎𝙤𝙧𝙤𝙨 𝙗𝙖𝙣𝙣𝙚𝙙 𝙛𝙧𝙤𝙢 𝘼𝙢𝙚𝙧𝙞𝙘𝙖?” This question pops up in my comments a lot. The answer is simple: Republicans and Democrats work with him. The references I found were not from some random academic journal. Over 30 direct mentions of Soros or his NGOs appeared in the Journal of Democracy. It's the flagship journal of the National Endowment for Democracy (NED), the same organization featured prominently in that widely circulated "Uniparty NGO" network diagrams below. NED is a U.S. government-funded outfit. It includes currently sitting members of Congress on its board... from both parties, not just former officials. Soros’s involvement is deep. -@DataRepublican. Soros bribes both sides. 
• Same professional protestor found at 100 different protests. (video)

• @DragonSword778

• This is @LeaderJohnThune. He has been sitting on the Save Act instead of passing it. Get loud. Call him at (202)224-2321. Every day. Tell him to Pass The Save Act and nuke the filibuster, as Americans and our President have demanded repeatedly.

• @FFT1776

• Was John Thune a plant from the beginning? How is he still winning in South Dakota? Are party labels being used to mislead voters? How many Dems r running under false labels in conservative strongholds? I can’t find anyone in SD who supports Thune … so what are we missing?

• @RyanRRozbiani

• Massive Protests in Israel Against Netanyahu. Time for a Regime Change in Israel, send Netanyahu to Florida. For another week, hundreds of Israelis gathered at Habima Square to protest against Prime Minister Benjamin Netanyahu and the government, demanding judicial reform. (video)
  

• @EricLDaugh

• BREAKING: The Chief of Chicago Police is being praised nationwide for the moment he STOOD WITH ICE instead of the Left. "Let me make this CLEAR! Federal agents, ICE, HSI, are officers. They are agents of law enforcement." "If you box them in...plow a VEHICLE, you're using DEADLY FORCE. And THEY can use deadly force in response to stop YOU!" "We need to be clear about these laws. We cannot become a society where we just decide to take everything in our own hands and start to commit crimes against law enforcement!" "It is a crime. You may not like what they're doing. I can understand that there's a lot of emotions out there, but that does NOT mean that you get to commit a crime, especially one that could lead to deadly force." "We need to keep everyone safe. Our responsibilities when it comes to federal agents, and I've been asked these questions, we do not interfere with the duties and responsibilities of federal agents." This is literally just common sense. Every single police chief should be saying this. This is DEEP BLUE CHICAGO! (video)
• JUST IN: Liberals are now showing up with their BABIES in Minneapolis hoping any police or federal agents won’t crowd control them when things get unruly and dangerous Freaking EVIL people. Don’t bring your little child to the left’s riots. (video)
• BREAKING: Anti-Khamenei Iranians are CLASHING with pro-Hamas white liberal women in Washington. You literally can't make this crap up. The white liberal women support ISLAMIST HAMAS The Iranians want to OVERTHROW the Ayatollah! (video) 

• @MagaStormX

• HOLY CRAP… Nick Shirley went to the UK and came back with a WARNING for America. He says after seeing what’s happening over there, he knew the same playbook was coming to the United States — and now we’re watching it unfold. According to Nick, this is how Keir Starmer + Labour stay in power: •Tommy Robinson was thrown into solitary for over 100 DAYS just for exposing what was happening inside his own country. •And Nick says it all connects back to one thing: votes. Power. Control. Nick explains that Tommy Robinson told him the real strategy is brutally simple: Labour allegedly tells Muslim communities: “Do whatever you want — we’ll look the other way… just vote for us.” He points out something that shocks a lot of people: (video)

• @DansForSenate

• South Carolina is done with Graham. He was boo'd for 6 MINUTES. STRAIGHT outside his HOMETOWN! Full clip below — it was merciless and deserved. We don’t have to live like this. And that’s why I am standing up to primary Graham on June 9, 2026. (video)

• @kate_p45

• Good morning, X. Never forget that 29 Senate Republicans voted in secret to make
  @LeaderJohnThune Senate Majority leader. Senator John Thune voted "NAY" to codifying DOGE cuts to the bogus foreign aid. Thune and a bunch of other Republicans decided they will continue to support democrats stealing billions from the American taxpayer. Congress has forgotten who they serve.

• @ClayTravis

• So crazy white chicks just show up and scream at ICE agents trying to provoke them to engage in violence. This is their entire goal and this is basically the entire Democrat party base. (video)

• @MarkLynchSC

• Lindsey Graham voted YES to spend $5 billion for refugees: In 2026, we DUMP LINDSEY!

Night Trading

• Asian indices are unch. to +1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 64.75 unch.
• China Sovereign CDS 41.0 +.25 basis point.
• China Iron Ore Spot 109.2 USD/Metric Tonne +.7%.
• Gold 4,589.2 USD/t oz. +2.0% 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.73 -.16%. 
  
• Bloomberg Emerging Markets Currency Index 36.09 +.01%.
• Bloomberg Global Risk-On/Risk Off Index 100.9 -.3%.
• US 10-Year Yield 4.17% n/a. 
• Japan 30-Year Yield 3.42% n/a. 
• Volatility Index(VIX) futures 18.1 +1.4%. 
• Euro Stoxx 50 futures +.02%.
• S&P 500 futures -.5%.
• NASDAQ 100 futures -.74%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the week.