Rothbard Never Abandoned His Principles

Stellar 7 Year Auction Sees 3rd Highest Foreign Award On Record In the week's final coupon auction, the US Treasury sold $44 billion in 7 Year notes to stellar demand.  Extending on the strength yesterday's solid (if tailing) 5 Year auction, today's 7 Year sale printed at a high yield of 4.290%, up from 4.175% and the highest since Jan 2025. It also stopped through the When Issued 4.291% by 0.1bps, the first stop through since December 2025. The bid to cover was 2.518, up from 2.513 and the highest since...

Trump To Declare Iran War Wind-Down As Iranian President Issues Open Letter To Americans Summary Trump to declare Iran war is winding down and others need to resolve Hormuz Iranian President Masoud Pezeshkian has released an open letter to the American people, questioning whether Washington is truly putting “America First” or merely acting as a “proxy for Israel” willing to fight “to the last American soldier.” Air defenses have been activated in Dubai, taking out 5 ballistic missiles and 35 drones launched from Iran Iran's new Ayatollah tweets "I emphatically declare that the consistent policy of...

This Is Only Fifth Time QQQs Gapped Down When Within 2% Of An All Time High In a day of sharp, downward pointing market moves and superlatives, we can add another: according to calculations from BTIG's Jonathan Krinsky, today's 2% gap down in the QQQs is a historic event. "Since QQQ's inception ('99), this is just the 5th time that's happened when the day prior was within 2% of a 52wk high and the VIX was below 20." What happens next? While near-term returns are split, all four of the signals...