After days of non-stop gains, today's declines 'feel' considerably worse...

Fed's Williams supports further rate cuts, Barkin argues caution on further easing; Trump says might impose more sanctions on Russia; Treasury announces more Iran sanctions; China's MOFCOM announce export controls on some rare earth equipment; Average US 30yr note auction; Israel & Hamas agree to implement Trump plan; Takaichi doesn't want to trigger excessive JPY weakness; US Treasury buys Argentine Pesos; Strong PEP earnings; DAL earnings beat; RACE provides underwhelming guidance.

"We got our first termination event. The GraniteShares -3x AMD ETP in Europe is no longer.  Forced termination, XIV-style..."

"...Today we directly purchased Argentine pesos. Additionally, we have finalized a $20 billion currency swap framework with Argentina’s central bank"

The U.S. Senate has voted against legislation seeking to direct the withdrawal of the U.S. military from hostilities that have not been authorized by Congress...

That’s the real deal being played out, contested market by market and geography by geography...

When Vols Pop, Gold and Silver Usually Drop — Déjà Vu?

...“unprecedented” stretch of consecutive days of “Spot Up, Vol Up”…so we had def pushed into new “Grabby FOMO” –territory over the past week and a half...

"...this basically will lead to a currency death spiral.  That’s where we are right now..."

Cites Ukrainian drone incursion which activated errant Russian anti-air missile...

In one Indiana town, what defeated Google wasn’t money or lawyers, but neighbors refusing to be divided. 

Overall, aside from the modest tail, this was a good auction and the market agrees, with the price of the 30Y flat on news of the solid (if not stellar) auction. 

"Make no mistake: it looks like President Trump has actually pulled off something here that many presidents before him have FAILED to do!"

Time is also the most valuable resource when investing. You can recover money. You can’t recover time...

Goldman expects above average volatility and above average returns from stocks on events, making call buying unusually attractive...

Barreling towards a regime change war...

...but he's 'responsibly bullish'.

"...this president has instigated in what he has escalated is absolutely an egregious attempt to have complete control over all of our cities

"The Democrats are the ones that are preventing you from getting a check..." -Mike Johnson

FSD “is not recognizing traffic signals. This results in the vehicle proceeding through red lights, and stopping at green lights.”