·         Holiday rally pushes the S&P 500 back up near all-time highs.

·         Power capacity is the bottleneck in the AI revolution.

·         Not much to get excited about (in either direction) in capital markets.

·       Earnings from the largest company in the world didn’t disappoint.

·      But the price action validates an ongoing character change in the AI theme.

·       Markets got some clarity on uncertainties that have been worrying investors.

·       S&P 500 at risk of breaking levels that would trigger systematic selling by CTA and vol-control funds.

·       Markets repricing for less accommodative Fed.

·       Nvidia earnings on tap – can it save the AI theme.

·       End of the shutdown sparks a risk-on rally.

·       Mega-cap tech spending spree getting stretched.

·       The divide between the ‘haves’ and ‘have-nots’ is undermining capitalism.

·       Q3 earnings helping to push equities higher – Mega Cap Tech reports on deck.

·       Rarely mentioned, but global equities are having a great year.

·       Is the energy sector underappreciated by investors?

·       Asset prices had a good week with gold showing its shine.

·       U.S. and Chinese officials posture ahead of Trump/Xi meeting.

·       This isn’t just a trade war – it’s for who sets global order over the next century.

·       Tariff headlines drive volatility in both directions.

·       There is a lot at stake in this U.S./China conflict.

·       Diversification is not a dirty fifteen letter word.

·       Data is sparse with the shutdown, but what we got wasn’t good.

·       Lots of calls to embrace the everything rally – raises my skepticism.

·       Debasement strategy becoming mainstream – as it should.

·       Markets await a slate of economic data, including the September jobs report on Friday if we’re able to avert a government shutdown.

·       A good time to revisit return expectations and your financial objectives.

·       Equities embracing the view that the Fed is cutting into an economic soft landing.

·       While a bit frothy and overbought, equities ride the long coattails of constructive monetary, fiscal, and liquidity dynamics.

·       All while the labor market looks more and more sick.

·       Equities continue to rally on expectations of rate cuts and a reacceleration in global growth.

·       Inflated asset prices keeping the economy afloat.

·       Last week’s annual payroll revisions show a labor market that is much weaker than originally thought.

·         Equity markets brush off soft jobs report.

·         Long-term interest rates around the globe are pressing higher.

·         Real assets crushing paper assets in 2025.

·         Powell open-minded to cutting rates.

·         Risk assets celebrate, but not much progress above previous all-time highs.

·         All eyes on earnings from the largest company in the world (NVDA) with most investors all bulled up.

·         Earnings and the AI narrative continue to boost US equities.

·         Foreign capital continues to flow into US assets.

·         Lite week in terms of data: focus will be on Powell’s speech at Jackson Hole.

·       Nasdaq and S&P 500 riding Mega-Cap Tech cocktails.

·       We’re nearing the point at which we’ll be able to measure the tariff impacts on inflation and growth.

·       Few of us have it in us or the opportunity to capture the big returns.

·         That was a weak jobs report, not just for July, but for all of 2025.

·         Focus on the data, not the theatrics that come with it.

·         Was Friday's market action kneejerk or the right read – time will tell.

·       Trade deals aplenty with equity markets having already priced in much of it.

·       Q2 earnings beating expectations with a big week of reports ahead.

·       Turning ‘tactically’ cautious with sentiment and positioning fully reloaded.

·       Mega-cap leadership continues to pull equities higher.

·       Don’t tell the stock market, but economic growth for 2025 is anemic.

·       Structural view – real assets > financial assets.

●      Teflon market taking latest tariff actions in stride.

●      Global liquidity inflecting higher – tailwind for risk assets.

●      Complacency setting in, with most assets priced for only good outcomes. 

• Epic rally in equities that are looking through everything.

• Senate passes One Big Beautiful Bill and July 9th tariff deadline isn’t a real deadline.

• Lots to think about with the slide in the U.S. dollar.