Nauseating week stuck in a macro-driven chop...

Gold has erased almost all of Nasdaq's relative outperformance since May 2023... when The Fed started hinting at being done hiking...

...the gap between micro (Fwd EPS) and macro (eco growth) is widening...

“Things are generally looking a little bit better on the inflation front in the United States.”

"I don't see a recession at all.." - Trump

“What is being questioned in the market is US exceptionalism"

...the issue is the lag time between the required “pain” of Phase 1... in order to get to the "good stuff" for Markets from Phase 2

"Trump's policies have started having their fair share of pressures on the equity markets"

Stocks suffered their worst week in six months as an avalanche of geopolitical and macro-economic headlines crossed paths with an ugly technical situation...

 “For now the hard data remains good, but the soft data is deteriorating, and the question is which one is correct.”

...tariff tensions, AI sustainability, and global sovereign bond yields

“The tech sector has been weakened lately, if you combine that with Marvell, it’s a pretty sour cocktail for US stocks”

...don't mention the (fiscal) war.

"The market doesn’t like uncertainty and tariffs will most likely continue to be an overhang risk"

...stocks roller-coastered dramatically as Ukraine-deal headlines battle tariff-fears...

“We need to know exactly what the US plan is towards European tariffs”

...$570BN Mag7 market cap erased, crypto pump-n-dumped, rate-cut odds soar, VIX >24...

“How much more cautious can the market get?"

...more technical (less fundamental)-driven collapse in everything that was seemingly going to the moon without hesitation.

"This is not an environment for de-risking"