Monday Watch

Around X:

• @Business   

• Starmer will host Zelenskiy in London on Monday as the UK prime minister and other key European leaders seek to steer US-led peace talks toward a resolution.
• Japan’s economy shrank in the three months through September, the government confirmed in a revised report, giving further justification for Takaichi’s stimulus package.
• Trade Representative Jamieson Greer said China has gotten approximately “a third” of the way through its soybean purchase commitment for this growing season. 
• Trump said Netflix’s planned acquisition of Warner Bros. will require a review, noting that the deal would create an entity with “a lot of market share".
• Silver and copper have replaced gold as the hot metal trade heading into 2026, with institutional and retail traders positioning for record rallies. 
• Get up to speed on what's moving global markets.  
• Here's what you need to know to start your day.

• @Zerohedge

• China & Japan Narrowly Avoid Live Fire Conflict After F-15 Radar Lock Incident.
• LLMs : woke, autistic, depressed and borderline sociopathic.
• Freshly Pardoned Cuellar Says Biden DOJ Tried To Entrap Him; Trump Lashes Out Over 'Lack Of Loyalty'.
• Morgan Stanley Responds To Client Pushback On Its 2026 Forecasts.
• Russia Stands "Shoulder To Shoulder" With Venezuela, Blasts US War Footing.
• Mainstream Media Jumps On Bogus Narrative That J6 Pipe Bomber Was A Trump Supporter. 
• "Everyone Who Has Already Gone All-In On AI Knows That Losing Isn't An Option".
• 'Twas The Night Before Fed Day...  
• Barclays Asks: Netflix-Warner Bros Deal - Holy Grail... Or Poisoned Chalice?
• *BESSENT SAYS HE EXPECTS INFLATION TO ROLL DOWN STRONGLY NEXT YR.
• 'Fourth Reich': Musk Strikes Back At EU 'Tyrants' After X Fine.
• *US, ISRAEL AND QATAR HOLD SECRET MEETING IN NEW YORK: AXIOS.
• Censorship in Europe. Our investigation about @Vitaliy_Klychko owning a network of brothels in Ukraine got 6 million views on X. But one country blocked it - Germany. According to Die Welt, 50% of brothel employees in Berlin are ukrainians. Klychko has german citizenship. I called on the authorities of Europe to investigate and stop human trafficking, but the German authorities decided to cover up the criminals. 
• In connection with my trip to Europe this week, I asked the @StateDept whether the nations of Europe had provided more money to (a) Russia or (b) Ukraine between the invasion in February 2022 and President Trump’s return to office in January 2025. I was surprised that the answer was Russia, and by a long shot! I knew many of these countries had tied their energy fortunes to Russia, but I had no idea of the extent of it, or how (collectively) it dwarfed their aid to Ukraine. Please see the chart below. The money sent to Russia is in blue; the money sent to Ukraine is in orange. 
• As The Year Ends, What Does 2026 Hold. 
• Climate Groups Falter, Bill Gates Recalibrates, But Al Gore Soldiers On.
• French Government Plan To 'Label' News Outlets Backfires Spectacularly.
• Pro-Israel Forces Intensify Effort To Control American Discourse.  

• @CNBC

• CNBC Daily Open: Everyone's watching the Netflix deal.
• Asia-Pacific markets set to open mostly higher as investors look toward China trade data.
• Stock futures are little changed after Wall Street notches back-to-back winning weeks: Live updates.  
• Bessent says U.S. will finish the year with 3% GDP growth, sees 'very strong' holiday season.

• @WSJ.com

• Our cheat sheet to the major companies jostling for position in the fast-growing market for AI chips.
• Local retailers say early holiday shopping results are surprisingly good, with more lower-priced gifts, fewer holiday-themed items and an emphasis on joy.
• Exclusive: The Trump administration is prodding ranchers and meatpackers to do something about soaring beef prices, while looking at increasing imports from Mexico and South America. 

• @Barron's 

• Had bullish commentary on (CASY) and (WY).

• @GatewayPundit

• BREAKING: Clinton Judge Blocks Prosecutors From Accessing Key Evidence in Criminal Case Against James Comey.
• BREAKING: Tina Peters Physical Condition Is Declining After More Than a Year of Physical and Emotional Abuse.

• @MarioNawful

• DAVID SACKS: "ELON SEEMS TO BE ABLE TO SCALE HIS DATA CENTER THE FASTEST". While OpenAI and Google carefully plan their AI infrastructure, Elon is doing what he does best: building absurdly massive supercomputers at breakneck speed. David Sacks, Trump's AI and crypto czar, thinks Elon's xAI might be quietly winning the race: "We've got xAI, which I think is the best at current events because of the integration with X. Elon seems to be able to scale his data center, his training cluster, the fastest.
• U.S. BILL TARGETS EU AND BRAZIL FOR ONLINE CENSORSHIP: "CENSOR AN AMERICAN, PAY MILLIONS". The GRANITE Act, Guaranteeing Rights Against Novel International Tyranny & Extortion, is exploding: Already filed in Wyoming and New Hampshire, U.S. Under Sec Sarah Rogers told a federal version is "on the verge" of House introduction after UK's Ofcom threats and EU's $150M slap on X crossed Trump's "red line." The bill nukes foreign sovereign immunity for any government censoring Americans, letting victims sue for treble damages or minimum $10M per violation. This directly targeting Brussels' DSA fines and Brazil's Justice de Moraes banning X/Rumble while jailing critics. EU commissars and Brazilian dictators think they can gag Americans from afar because sovereign immunity shields them. GRANITE unravels that shield, turning every censorship order into a multi-million-dollar U.S. lawsuit jackpot.  
• THE WHITE HOUSE DROPPED A DOOMSDAY MAP FOR EUROPE (AND IT READS LIKE A GEOPOLITICAL AUTOPSY). Migration, birthrates, NATO loyalty, “civilizational erasure” - Washington just put it all on paper. The new National Security Strategy is supposed to be dry, diplomatic, a little boring. This one? It’s a flare gun fired straight over Brussels. The document claims Europe could be “unrecognizable” in under 20 years if migration trends continue - not just culturally, but strategically.   

• @EmeraldRobinson

• 1. A few weeks before the 2024 election, @SenMullin and former Senator David Perdue finally arranged a meeting between Trump advisor Susie Wiles and the one man who could explain exactly how America’s election systems are rigged. The meeting took place at Mar-a-Lago. (thread)
• More proof: @realDonaldTrump does not have control of the CIA. 

• @disclosetv

• NEW - Gates says African farmers will have AI advisors, along with "better seeds and animal genetics" to become a "significant net food exporter." Using AI and their phone, they will be able to talk to the "doctor," the "tutor," the "farm advisor" and "pay nothing for it." (video)

• @TheSCIF

• This is just ONE reason why people don't believe the official narrative about the Charlie Kirk assassination. They're trying too hard and keep getting caught in lies. People make mistakes, and maybe Jack assumed it was Tyler in the picture, but what if it wasn't a mistake, and you don't verify your sources? There are so many things that we now know that point to a military style operation. The secrecy surrounding this, all the lies that are being exposed, the foul play inside TPUSA, all the whistleblowers coming out, the foreign connections, etc., I could literally go on for days... I was born at night, but not last night, and I wouldn't be genuine with you if I told you that Tlyer Robinson acted alone and was definitely guilty.
• Sen. Markwayne Mullin tells @bennyjohnson that multiple foreign countries may have complete inside access to ALL of our VOTING MACHINES and our ENTIRE ELECTION SYSTEM. These countries include Venezuela, China, and Russia. A recent Venezuelan intel officer whistleblower has also stated that Russia has tapped into our underwater communication sea cables and has had access to our military comms since 2015. "Whoever designed the system can enter into those machines with the master key. Venezuela, China, and Russia are trying to sow doubt into our election system. They are planning on doing so." (video) 

• @newstart_2024 

• The most dangerous 77 seconds ever recorded by a psychiatrist just broke containment again. Thomas Szasz, the man the entire profession tried to erase, looked straight into the camera and said: “We do not have an epidemic of mental illness. We have an epidemic of psychiatry.” Too fat → illness. Too thin → illness. Too happy, too sad, too much sex, too little sex → all illnesses. No free will, no responsibility left — only “chemical imbalances” fixed by products you can advertise on TV while alcohol cannot. This forgotten 1:17 clip is now exploding across every timeline for a reason. Watch the forbidden interview while it’s still up. (video)

• @BreannaMorello

• Stop showing me the corruption without showing me the arrests.

• @FreeStateWill

• President Trump ordered Pam Bondi to correct past misconduct related to the weaponization of government against J6ers and to recommend appropriate remedial actions. But to date, there have been no remedial actions to provide restitution to the lives that were crushed by the DOJ.

• @TonySeruga

• GPS—one of accused J6 pipe bomber Brian Cole Jr.’s devices visited 1333 H Street NW, Washington, D.C. over 90 times between November 10, 2019 to January 3, 2020, then never again. Notable businesses there: John Podesta’s Center for American Progress (CAP). Democracy Forward (non-profit focused on government accountability and legal advocacy). Pivotal Ventures (philanthropy and advocacy firm founded by Melinda French Gates). Tony Blair Institute for Global Change (policy advisory non-profit).

• @PatrickByrne

• The election integrity movement is overlooking a crucial item: it is not enough to get rid of mail-in voting, and machines, and go to paper only, and count them transparently. In addition: the ballots need to be counted where they are cast! No transport of uncounted ballots.

• @barnes_law

• Jocelyn Ballentine was the prosecutor in the @Genflynn unlawful lawfare prosecution on behalf of the Deep State, the Proud Boys Seditious Conspiracy @Nobleone on behalf of Pelosi and the rest of the Deep State and now Ballentine is the prosecutor in the Pipe Bomber prosecution. Knowing this, how would you describe Pam, Todd, Pirro, Kash and Dan? Utterly disgraceful that this rogue prosecutor is still in power in DC.
  @USAttyPirro is turning out as useless as @PamBondi & that is truly saying something.

• @Globalsurv

• BREAKING ; JAPAN WILL DEFEND TAIWAN". Japanese officials claim the country will be first to defend TAIWAN from CHINESE military attack!! JAPAN will deploy medium-range missiles to Yonaguni Island, just 110 km from TAIWAN, as part of a broader military buildup aimed at deterring CHINA. (video)

• @LaraLogan

• The lunatics have taken over & they are running the asylum. This is about eliminating the natural food supply so they can control humanity. (pic)

• @jsolomonReports

• 'Historic': Medical school pays students, employees $10M to end forced COVID vaccination lawsuit.

• @RenzTom

• It appears Venezuela is stealing our elections (with the Democrats) and we are on the brink of war there, yet our AG refuses to investigate intel related to all this. This is incredible to me. If we do not win the midterms, Trump will be impeached. He may not control Congress, but Trump can order the DOJ to act. Trump’s AG is letting him get set up for impeachment and still isn’t being fired.

• @Real_RobN

• This is: Antifa member and Vice President of Strategy and Security at Dominion Voting Systems, Ph.D. Eric Coomer, is going to be deposed under penalty of perjury in January 2026.
• You think James Comey was corrupt? Just wait — Christopher Wray covered up the attempted overthrow in 2016, oversaw the overthrow in 2020, and covered up the overthrow on January 6 • Christopher Wray had the 2020 election server. • Christopher Wray had Huma Abedin’s laptop. • Christopher Wray had Seth Rich’s laptop. • Christopher Wray had Hunter Biden’s laptop. • Christopher Wray had Jeffrey Epstein’s files. • Christopher Wray had Democrat intel staffer’s 302 — Adam Schiff personally authorized leaking classified intelligence, • Christopher Wray even had intelligence that the CCP interfered in the 2020 election with fake ballots and driver’s licenses, effectively overthrowing the United States government on November 3, 2020. He buried it and then ordered agents to destroy the intelligence. And: Christopher Wray testified that he couldn’t identify the January 6 Pipe Bomber — despite having the license plate, cell phone metadata, credit card records, and surveillance footage from the crime scenes over the course of four years. He in fact covered it up by claiming the cell phone metadata was corrupted.
• This is: Sidney Katherine Powell, who filed four lawsuits against the overthrow of the United States government on Nov. 3, 2020. VINDICATED. (video)

• @ValerieAnne1970 

• Just days after Prof Francis Boyle agreed to testify against Bill Gates & Albert Bourla over the deadly COVID mRNA shots...he was FOUND DEAD. Boyle authored the US Bioweapons Act & called the mRNA injections 'Bioweapons & Franken-Shots.'

• @hodgetwins

• This is why people think the Democrats will take the mid terms. We won’t arrest the real criminals. (pic)

• @pepesgrandma

• Smartmatic, in the Philippine house, admits that electronic election data could be deleted in the middle of the night, and nobody would even know. When Smartmatic was forced to sell in the US over its Venezuela links, it retained the Intellectual Property of its software. This software ran on machines in our 2020 election and continues today. Well the founder of Smartmatic was just arrested over money laundering and bribery charges in the Philippines. This must not end with just this. (video)

• @ElofsonJess

• Arrest just one of the millionaire criminals and the R's chances go up by 10. Arrest 1000 and the R's will hold power for a generation. This is Trump's to lose. Closing the border, great. Tariffs, great. But it's not enough without consequences for the elite that have profited off our death and misery. You're welcome. Long Live The Republic. (video)

• @DowdEdward

• A large portion of the electorate that voted for Trump want to see the Covid 19 whistleblower case against Pfizer move forward. Add this to the strategic fumbles heading into midterms.

Night Trading

• Asian indices are -.25% to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 63.75 unch.
• China Sovereign CDS 42.25 -.5 basis point.
• China Iron Ore Spot 102.6 USD/Metric Tonne -.8%.
• Swiss Franc/Offshore Chinese Renminbi Cross 8.80 +.1% 
  
• Bloomberg Emerging Markets Currency Index 36.19 +.01%.
• Bloomberg Global Risk-On/Risk Off Index 95.3 +.1%.
• US 10-Year Yield 4.13% unch. 
• Japan 30-Year Yield 3.39% +3.0 basis points. 
• Volatility Index(VIX) futures 19.3 +.1%. 
• Euro Stoxx 50 futures -.1%.
• S&P 500 futures +.12%.
• NASDAQ 100 futures +.19%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and financial 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.

Evening Headlines

Around X:

• @Business 

• Wall Street worrywarts have gone back into hiding as peace breaks out across markets.
• The rapid advancement of artificial intelligence technology is stirring up “enormous” anxiety among investors, as firms struggle to judge which tech companies are worth the risk, according to Thoma Bravo founder Orlando Bravo.
• CRH, Carvana and Comfort Systems were selected for inclusion to the S&P 500.

• @Zerohedge 

• Trump's New National Security Strategy Stuns Mainstream In Saying Europe Faces "Civilizational Erasure" Within 20 Years. 
• Polish Deputy Prime Minister, Radek Sikorski, who is married to Democrat propagandist and deep state misinformation specialist Anne Applebaum, takes the now customary photo (amongst globalist elites) with Alex Soros.
• Major Climate Crisis Study Retracted Over "Inaccuracies" As Doom Narrative Collapses.
• FDA Appoints Doctor Who Led COVID-19 Vaccine Death Investigation As Top Drug Regulator.
• Why Retail Investors Blew Away Hedge Funds, The S&P And Nasdaq, In 2025.
• The “EU” imposed this crazy fine not just on @X, but also on me personally, which is even more insane! Therefore, it would seem appropriate to apply our response not just to the EU, but also to the individuals who took this action against me. -@elonmusk. 
• As much as I wish it was otherwise, the EU's engagement with American tech giants is no longer rooted in a legitimate antitrust interest, but is now equal parts a union-wide censorship operation and a proxy trade war. 
• BofA on the Fed's meeting: "we expect a 25bps cut in addition to the announcement of RMPs (Reserve Management Purchases) and term repo operations".
• The EU woke Stasi commissars are about to understand the full meaning of the “Streisand Effect”. -@elonmusk. 
• The War On Pete Hegseth.
• HOLY SMOKES! A generational betrayal has occurred - HUD Sec. Scott Turner confirmed that the Democrats gave government-backed MORTGAGES to illegal aliens, harming American citizens. They're now being purged. TURNER: "We took away FHA-backed mortgages from illegal aliens. During the Biden administration, they turned a blind eye!" "Over 12M illegals came over the border...we work with Sec. Noem to make sure only US citizens live in HUD-funded housing." "We are mandating every public housing authority tell us who's living in every unit." Unbelievable this was allowed. (video)
• Systematic supply is no longer a headwind. After selling $20bn of US equities over the past month (& -$65bn globally), our model has this cohort flipped to net buyers in every scenario over the next week - GS.
• If the welfare fraud in Minnesota is this bad, imagine how bad the voter fraud is. True. -@elonmusk.
• "Widespread Misconduct": Trump Admin Orders All Beneficiaries Of Nation's Largest DEI Program To Surrender Financial Records. 
• The Fed could buy ~$40 bn of T-bills a month in early 2026: UBS. 
• BREAKING: Photos show Abdul Dahir Ibrahim — a Somali national convicted in the Minnesota fraud scheme — posing with Ilhan Omar and Tim Walz. Ibrahim had a 2004 removal order and prior fraud convictions in Canada.
• Most-Shorted, Mag7, & Momo Gains; Bitcoin, Bonds & Bullion Pains. 

• @WSJ

• A federal judge ordered the release of grand-jury transcripts from the Justice Department’s investigation into Jeffrey Epstein in Florida, citing a new law mandating that files be made public.
• The data defies worries there would be widespread layoffs in response to the U.S. tariffs that have dented the economy.
• Credit to the Trump Administration for trying to remove regulatory distortions that raise costs and reduce consumer choice. Car makers will at least know the CAFE rules of the road for the next several years.  

• @CNBC  

• SpaceX aims for $800 billion valuation in secondary share sale, WSJ reports.
• Wall Street turns to the Fed next week for more clues on the path ahead.
• The regulatory path ahead for a Netflix and Warner Bros. deal could get dicey.

• @GatewayPundit 

• BALL GAME? Top Venezuelan Official Turns State’s Evidence on Voting Machines and Drug War.

• @MarioNawfal

• BILL GATES WANT YOUR VAX STATUS, INCOME, RELIGION & LOCATION DIGITALLY LINKED FOR LIFE. The World Health Organization just dropped its blueprint for a global digital ID system that tracks you from birth to death - funded by none other than the Gates Foundation. Newborns would be auto-enrolled in national vaccine databases, tagged with personal info like income, religion, and ethnicity. Every doctor visit, home check-up, or school enrollment becomes a checkpoint. Your jab record? Tied to whether you can go to school, catch a flight, or access public services. Their words, not ours: “Digital records and certificates are traceable and shareable.” Translation? Enforceable. They want AI to “combat misinformation” and “target the unreached.” That’s code for automating propaganda and tracking the non-compliant. The WHO even brags about global data-sharing standards - so your health file follows you anywhere. Vaccine passports go international. Oh, and at the bottom of this Orwellian wishlist? The fine print: “This work was supported by the Gates Foundation.” Digital ID, AI surveillance, and forced compliance - brought to you by the same folks who can't patch Windows without 3 updates and a crash.
• ACCUSED CHINESE SPY BRAGGED THAT HOCHUL WAS "MUCH MORE OBEDIENT" THAN CUOMO IN TEXTS TO BEIJING OFFICIALS. This is what foreign infiltration looks like. Bombshell evidence from the Linda Sun corruption trial reveals the accused Chinese agent texted Beijing consular officials that then-Lt. Governor Kathy Hochul was "much more obedient" than Governor Cuomo. "The deputy governor listens to me more than the governor does," Sun wrote to Chinese Consul General Huang Ping in January 2021, complete with a grinning emoji. 
• FORMER FDA CHIEF: YES, THE BIDEN ADMIN WITHHELD HEART RISK DATA ON COVID VACCINES. Former Biden FDA Commissioner Robert Califf just admitted what many suspected: the Biden administration sat on critical safety data showing heart inflammation risks, especially in young men, from COVID vaccines. The data flagged elevated rates of myocarditis, but instead of alerting the public, officials delayed and deflected. Califf now says they “should have communicated faster,” but that’s little comfort for parents whose teenage sons were told the shots were “safe and effective” with no mention of cardiac risks. This wasn't a messaging glitch, but a deliberate choice to keep Americans in the dark during a public health campaign. (video) 
• EX-CIA OFFICER: “THEY CAN MAKE YOU DRIVE INTO A TREE AND CALL IT SUICIDE”. John Kiriakou, once inside the CIA, just reignited a massive debate about digital privacy, citing the 2017 Vault 7 leaks. Phones, cars, TVs, laptops - he says none of them are as private as we assume. “There was a dramatic leak in 2017 that the CIA came to call the Vault 7 disclosures - gigabytes worth of documents leaked by a CIA technology engineer. What he told us was that the CIA can intercept anything from anyone. They can remotely take control of your car to make you drive off a bridge into a tree to make you kill yourself and make it look like an accident. They can take over your smart television and turn the speaker into a microphone so that they can listen to what's being said in the room even when the TV is turned off.” (video) 
• COSTCO NOMINATES BIDEN'S COMMERCE SECRETARY TO BOARD WHILE SUING TRUMP OVER TARIFFS. SUBTLE. Costco announced today it has nominated Gina Raimondo, Biden's Commerce Secretary for all four years, to its board of directors. Raimondo oversaw U.S. trade policy at Commerce and was Rhode Island's Democratic governor before that. The timing is remarkable.

• @LauraLoomer

• BREAKING: I have read the entire 29 page National Security Strategy that was just released by President Trump, and there are ZERO MENTIONS about the threat Islamic terrorism poses to our national security, and there are ZERO MENTIONS about the threat the CCP and Communism poses to our national security. I was in such disbelief, that I actually did an individual keyword search on the entire document. Whoever prepared the document didn’t even number the pages correctly, because it says there’s 33 pages, when there’s actually only 29 pages.

• @TheIntelSCIF

• Massive MONEY LAUNDERING allegations have emerged for "The Seditious Six." ActBlue, a Democratic fundraising platform, has allegedly received over $16 billion since 2004, with a portion of these funds potentially stemming from illegal activities. The allegations specifically name six lawmakers—Mark Kelly, Elissa Slotkin, Jason Crow, Chris Deluzio, Chrissy Houlahan, and Maggie Goodlander—as recipients of funds tied to these alleged schemes.

• @GenFlynn

• We are in a domestic homegrown COLOR REVOLUTION and I’m not convinced
  @realDonaldTrump nor those national security officials advising him understand nor recognize how dangerous of a period of time America faces if those involved are not held ACCOUNTABLE. @SusieWiles

• @RenzTom

• Arrests of the real criminals destroying America = 0. DOGE cuts enshrined in law = 0. Epstein child-raping globalists prosecuted = 0. COVID criminals in jail = 0. Legislation to ensure AI doesn’t destroy all human jobs = 0. Crooked judges impeached = 0. Actual MAGA legislation passed = 0. mRNA products banned = 0. Between failed GOP RINOs in Congress and Trump’s advisors accomplishing nothing or undermining the real MAGA/MAHA agenda, the midterms will be a disaster. Then Democrats will impeach
  @realDonaldTrump. We’re in trouble. If the 5D chess crowd doesn’t push for changes, this is inevitable. Bookmark this and check after midterms.

• @mrddmia

• Judge Boasberg helped drive the Russia collusion hoax. He worked hand‑in‑glove with Jack Smith. He advanced lawfare against Trump, his aides, and his allies. He is not neutral. He acts as a partisan and a lawless federal judge in D.C. Hold him accountable and impeach him. Eliminate his judicial seat through appropriations if necessary. Make an example of him. Every judge must know: if you weaponize your office and pick sides in politics, you face consequences. (video)

• @LauraLogan

• Isn’t it interesting that when I called Fauci out on Fox News I was cancelled from there. (video)

• @ABridgen

• They finally admit through research that ‘Long Covid’ is actually ‘Vaccine Harm’ from continued spike protein production. Please wake up those affected.

• @JesseKellyDC

• Our conservative SCOTUS justices better have security that equals Trump’s for the next few months. Because communists will kill to keep foreigners here. The foreigners are the CENTRAL part of their revolution. They will kill to protect it.

• @JimFergusonUK

• WHAT A LEADING U.S. LAW PROFESSOR JUST REVEALED. A major warning was issued this week—not by activists, not by commentators, but by one of America’s leading constitutional law professors. He was just in Berlin, and what he described is chilling. He said only TWO people at the World Forum were defending free speech… and the rest of the room was demanding coordinated censorship—not just across Europe, but against Americans. And here is what he testified: European regulators want U.S. speech controlled by EU law. Platforms are being threatened with ruinous fines. International bodies now expect enforcement against U.S. citizens. Silence is being globalised through regulation, not debate. He also stated that Hillary Clinton personally intensified this push—calling on the EU to weaponise the Digital Services Act when Elon Musk acquired Twitter. Think about that: A former U.S. presidential candidate urging a FOREIGN authority to pressure an American company into censoring U.S. citizens.

• @DC_Draino

• One of Obama’s top DEA guys was just caught laundering $12,000,000 for the cartels. When we said Democrats are working with the cartels to destroy America, we weren’t exaggerating.

• @GuntherEagleman

• BOMBSHELL: Ilhan Omar is DONE! The rats are scattering and most of them are BEGGING reporters to hear their stories! Whistleblowers now confirm her campaign funneled a massive amount of money to her husband’s firm while Somali-linked networks in Minneapolis ran one of the biggest COVID relief fraud schemes in history, hundreds of millions stolen. She knew. She benefited. She covered for them. This isn’t “community outreach.” This is corruption on steroids. (video)

• @DicloseTV

• ICYMI - Influential and widely cited study that concluded the herbicide glyphosate was safe, is retracted, 25 years after publication — Le Monde.

• @Liz_churchill10

• WOW. Oklahoma will be INVESTIGATING the Covid Dictators and Mass Murderers. “These families have shared accounts of treatment protocols that were forced upon victims with what they feel was improper informed consent, as well as the denial of access to alternative treatments that might have lessened suffering or prevented hospitalization. Due to unprecedented policy, the victims were isolated from their loved ones, and many were forced to die alone. Their concern is that these policies and practices may have violated both the rights and the well-being of Oklahomans during one of the most difficult times in our history…”

• @MaryBowdenMD

• The following hospitals continue to require all medical students get the Covid shots: (list)

• @AlexBerenson

• We know exactly which newborns are at risk for Hepatitis B - and more importantly, which aren’t. Every year we have been giving millions of infants a shot they don’t need for public health theater. That ended today. Thank you, @RobertKennedyJr.

• @BarronTNews_

• BREAKING: Ron DeSantis just threw a grenade at GOP leadership and he is right Congress should be voting on MAGA priorities every single day and forcing Democrats to expose themselves on the record. Stop hiding. Put every popular issue on the floor and make them vote against it. He says Congress has done nothing since August. Nothing. If he were there he would drop a new bill every day and force Democrats to show America exactly what they stand against. This is how Florida flipped into a landslide. Clear contrast. Parents rights. Illegal immigration. Tax cuts. Every fight laid out in the open. And he is right about this too Democrats helped create the inflation crisis then pretend they had no part in it. Time for the GOP to wake up and go on offense every day. (video)

• @TheGrayzoneNews

• Former Israeli spies now overseeing US government cybersecurity. The Pentagon, Treasury, DHS, and other US agencies have begun relying on a firm launched by former Israeli military intelligence operatives to consolidate data.

OpenVAERS:  

• VAERS US COVID Vaccine Adverse Event Reports. 1,026,944 Reports(+441 from prior report) Through August 29th, 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 Modestly Higher into Final Hour on US Economic Data, Earnings Outlook Optimism, Technical Buying, Tech/Consumer Discretionary Sector Strength

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 36.19 -.23%
• US 10-Year T-Note Yield 4.14% +4.0 basis points
• 3-Month T-Bill Yield 3.69% -1.0 basis point

• China Iron Ore Spot 102.7 USD/Metric Tonne -.7%
• Dutch TTF Nat Gas(European benchmark) 27.3 euros/megawatt-hour +.7%

• Citi US Economic Surprise Index 11.8 +1.3 points

• Citi Eurozone Economic Surprise Index 30.0 +5.3 points

• Citi Emerging Markets Economic Surprise Index 29.5 -1.3 points
• S&P 500 Current Quarter EPS Growth Rate YoY(495 of 500 reporting) +12.9% -.1 percentage point
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 305.70 +.11:  Growth Rate +13.6% unch., P/E 22.5 +.1
• S&P 500 Current Year Estimated Profit Margin 13.49% +1.0 basis point
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(9 of 10 reporting) +17.5% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 509.69 +.29: Growth Rate +24.2% +.1 percentage point, P/E 32.6 +.2
• Bloomberg US Financial Conditions Index .69 +3.0 basis points
• Bloomberg Euro-Zone Financial Conditions Index 1.46 -6.0 basis points
• Bloomberg Global Trade Policy Uncertainty Index 1.9 unch.
• US Yield Curve 57.5 basis points (2s/10s) -.25 basis point
• US Atlanta Fed GDPNow Q2 Forecast +3.5% -.3 percentage point
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 29.8% -.9 percentage point

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.85% unch.: CPI YoY +2.96% unch.
• 1-Year TIPS Spread 2.60 +2.0 basis points
• 10-Year TIPS Spread 2.27 unch.
• Highest target rate probability for Jan. 28th FOMC meeting: 65.8% (-.4 percentage point) chance of 3.5%-3.75%. Highest target rate probability for March 18th meeting: 46.9%(+1.0 percentage point) chance of 3.5%-3.75%. (current target rate is 3.75-4.0%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +200 open in Japan 
• China A50 Futures: Indicating -3 open in China

• DAX Futures: Indicating +41 open in Germany

Portfolio:

• Slightly Higher: On gains in my consumer discretionary/tech sector longs 
• Disclosed Trades: None
• Market Exposure: 100% Net Long