Do We Really Believe In Freedom?

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...

Trump: Holding Off 'Planned' Attack On Iran At Request Of Gulf Allies, 'Deal Will Be Made' Summary Trump says holding off on 'planned' Tuesday attack upon request of Gulf states. US denies earlier Tasnim report of agreeing to lift oil sanctions during talks; Trump tells NYP 'not open' to Iran concessions. Trump calls for Iran's total military surrender in Monday morning Truth Social post. Oil rebounds on Tasnim reporting Iranian denial: Tehran "under no circumstances" will negotiate nuclear issue as part of an end to the war. A flurry of (the somewhat typically-timed) Monday opener...

Court Strikes Down Trump's Replacement Tariffs; A Minor, Temporary Setback, With Sec 301 Tariffs Coming After the close on Thursday, the Court of International Trade (CIT) ruled to invalidate Trump's latest set of universal 10% tariff imposed two months ago under Sec. 122. The administration will quickly appeal this decision before it takes effect May 12. If the case follows the same pattern as the challenge to the IEEPA tariffs last year, a higher court might soon stay this ruling and leave the tariffs in place pending a longer review.   As...