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We’re diving headfirst into another wild end to a holiday-shortened trading week. I’ve been pounding the table on this for days… and days now: This marketplace is no longer trading on fundamentals, it’s trading on headlines.
And not just any headlines – Tweets, posts, whatever we’re calling them now on “X.” This week we got a textbook example. We rallied a hundred handles, dropped a hundred, and ended up right where we started. Those are massive moves, driven by nothing more than political rhetoric and tariff talk.
(But, big picture, we haven’t moved meaningfully in three weeks, we’re just bouncing around a box like we did from November to April.)
Meanwhile, the PCE – the Fed’s preferred inflation gauge – came in this morning at a four-year low. Nobody cares. It barely moved the market because the word “tariff” wasn’t bolted onto it.
That tells you everything. The crowd isn’t reacting to data, it’s reacting to noise.
So in this update, we’ll break down what actually matters, why technicals are deceiving, and what traders need to be doing right now to protect themselves from the chaos.
Let’s get to it…
