The Morning Call---The real trend in inflation

 

The Morning Call

 

6/5/26

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/markets/stocks-mixed-amid-momo-meltdown-crude-crypto-slide

 

Summary: Tech wrecked (after AVGO's AI outlook miss) which exacerbated momo's meltdown, dragging Nasdaq to its biggest underperformance rel. to The Dow in 17 months. Lower oil (Israel truce) pulled yields and the dollar lower (allowing gold to rebound off key technical). Bitcoin tracked tech into the abyss.Chips breaking bad...but dip-buyers ever-ready... Profit-taking in AI-driven momentum names is a headwind for the S&P 500, yet Thursday’s strong breadth, new sector leadership, and a broader bid for recent laggards suggests capital is rotating rather than leaving.

 

            Thursday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            The bond market holds the key.

            https://www.zerohedge.com/the-market-ear/bond-market-holds-key

 

Summary: The bond market may be the most important market right now. Treasury yields are sitting at a critical juncture, but to figure out the next move in rates, you probably need to figure out oil first. Several equity relationships suggest even modest moves in yields could have meaningful implications for valuations and market breadth.

 

            The first crack in the AI mania?

            https://www.zerohedge.com/the-market-ear/first-crack-ai-mania

 

Summary: The world's most crowded AI trade just suffered one of its largest down days of the year. KOSPI has become ground zero for the global AI mania, and history suggests that when Korea starts wobbling, the rest of the AI complex often pays attention. The uptrend remains intact for now, but markets rarely move in a straight line when positioning becomes this extreme. The question is not whether AI remains a powerful long-term theme. The question is whether expectations have simply moved too far, too fast. It is becoming increasingly difficult to find new superlatives for SK Hynix. The stock is getting hit for nearly 10% overnight, a move that would have seemed unthinkable just a few weeks ago. Despite the selloff, shares remain above the rising 21-day moving average, while the 50-day sits much lower.The bigger concern for bulls is the number of upside gaps created during the parabolic advance. Markets rarely leave that many gaps behind forever. We do not need to fill all of them for this move to become painful. Even a partial retracement could inflict significant damage on late arrivals who chased the rally higher.

 

 

Friday morning setup: Futures are lower amid fresh underperformance of tech. If the premarket weakness persists, the S&P 500 is set to break a historic weekly run of gains as the AI trade takes another leg lower this time driven by the cartoonish Kospi index, with investors also expecting payrolls data to affirm that interest rates will stay higher for longer (full payrolls preview here). As of 8:00am ET, S&P futures are down 0.5% while Nasdaq futures slide 1% as chipmakers fall and big tech stocks are lower too, following on from a slump in South Korea’s Kospi. All Mag 7 names are all lower in premarket trading except for MSFT (+0.4%); NVDA fell -1.3%, a continuation of yesterday’s underperformance post AVGO earnings. On news flow, headlines were mostly muted this morning; after yesterday’s non-tech led rebound, we saw more negative sentiment this morning with all three indices lower during the pre-market session. Bond yields are flat to lower, the 10Y yield trading unchanged at 4.47% lower; the USD is also lower. WTI crude fell -0.2% to $92.86; both base and precious metals are lower while the bitcoin mauling shows no signs of ending.

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

May nonfarm payrolls grew by 172,000 versus forecasts of 85,000; the unemployment was 4.3%, in line.

                                                  https://www.zerohedge.com/markets/us-jobs-soar-172k-may-smashing-estimates-4-sigma-beat-unemployment-rate-remains-43

 

                          May average hourly earnings were up 0.3%, in line.

 

                        International

 

Q1 EU employment change was up 0.1%, in line; the Q1 YoY GDP was down 0.2% versus +0.1%.

 

April Japanese household spending was up 1.6% versus predictions of +0.5%; April YoY average cash earnings were up 3.5% versus +3.2%; the April leading economic indicators came in at 115.9 versus 114.3.

 

                        Other

 

                          New homes at the upper range of affordability.

                          https://politicalcalculations.blogspot.com/2026/06/new-homes-at-upper-threshold-of.html

 

                          Dwindling oil inventories are a warning.

  https://www.bloomberg.com/news/newsletters/2026-06-04/dwindling-us-oil-inventories-are-a-warning-to-global-markets-amid-iran-war?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTc4MDU5NDYyNCwiZXhwIjoxNzgxMTk5NDI0LCJhcnRpY2xlSWQiOiJURzNXVkpSS1YyWEEwMCIsImJjb25uZWN0SWQiOiJCMzFCNTRDQTI3MTE0NjAxOUQxMURCN0IxRUM4NTE2MyJ9.3h7unpn1GK7BzX0BL2p_da-UtbnEmZOUXWInyCfANnk

 

                                               

                                                   Oil at an inflection point.

                          https://giftarticle.ft.com/giftarticle/actions/redeem/d20b0f0f-77a9-48a1-bfde-2827a0e802c8

                                               

    Jobless claims scream for lower unemployment rate.

                          https://bonddad.blogspot.com/2026/06/jobless-claims-virtually-screaming-for.html

 

                                                  More detail on Wednesday’s ISM services report.

                          https://mishtalk.com/economics/ism-services-prices-up-108-straight-months-and-rising-faster/

 

            Iran

 

              Overnight news.

              https://www.zerohedge.com/geopolitical/iran-fm-warns-american-bases-are-legitimate-targets-cites-no-tangible-progress-talks

 

              Waiting for the end.

              https://www.powerlineblog.com/archives/2026/06/waiting-for-the-end-3.php

 

            Monetary Policy

 

              A favorite theme of mine: the Fed never gets it right.

              https://www.realclearmarkets.com/articles/2026/06/04/every_institution_has_economists_nobody_has_answers_1186600.html

           

            Inflation

 

              The real trend in inflation since the lockdown.

              (3) Since Lockdowns, A 12% GDP Loss; Half Of US Dollar Purchasing Power Stolen

 

            AI

 

              AI models are having their iPhone moment.

              https://om.co/2026/06/02/ai-models-are-having-their-iphone-moment-whats-next/

 

              How much more software do we need?

              https://www.noahpinion.blog/p/how-much-more-software-do-we-really

 

              The AI investment boom sucks up hoarded cash and sprays it into the economy.

              https://wolfstreet.com/2026/06/03/ai-investment-boom-sucks-up-hoarded-cash-from-stock-market-investors-companies-sprays-it-into-the-real-economy/

 

            Tariffs

 

              The background on Trump’s latest tariffs.

              https://www.wsj.com/economy/trade/what-to-know-about-trumps-latest-tariffs-362fa148?st=ctiL9k&reflink=desktopwebshare_permalink

 

     Investing

 

            May the deals be with you.

            https://www.zerohedge.com/the-market-ear/may-deals-be-you

 

Summary: While economists debate recessions, elections and geopolitical flashpoints, CEOs are busy doing something else entirely: buying companies. M&A volumes are surging, deal announcements are piling up by the day, and animal spirits are suddenly running the corporate world again.

 

            Why the big tech borrowing boom is reshaping the credit markets.

            https://bondvigilantes.com/blog/2026/06/big-beautiful-bonds-why-big-techs-borrowing-boom-is-reshaping-credit-markets/

           

            Selling abstraction.

            https://asteriskmag.com/issues/14/selling-abstraction

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

                        The over regulated and overtaxed real estate market.

            https://www.realclearmarkets.com/articles/2026/06/04/help_me_seriously_help_me_get_out_of_this_capital_black_hole_1186658.html

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.

 

 

 

The Morning Call---A focus on the technicals

 

The Morning Call

 

6/4/26

 

The Market

         

    Technical

 

            Wednesday in the charts.

            https://www.zerohedge.com/markets/stocks-go-down-historic-win-streak-ends-us-macro-soars

 

Summary: Stocks and bonds ended the day in the red as oil rallied amid re-escalating MidEast tensions, renewed tariff uncertainty, crude inventory drawdowns, and strong US macro. The dollar extended gains, pushing gold and bitcoin lower as MegaCap tech stumbled again. The (9-day) win-streak is over for the S&P 500 (just shy of its 1985 record) with all the majors closing in the red today. Small Caps were the biggest losers, Nasdaq was the prettiest horse in the glue factory.. Treasuries suffered their biggest drop (yield spike) in more than two weeks after a gauge of private-sector employment growth was in line with estimates, leaving intact expectations that the Federal Reserve will raise interest rates this year. The dollar rallied back to last week's highs as rates shifted hawkishly... ...and that weighed on precious metals with gold back below $4500...

 

            Wednesday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

 

            The first cracks.

            https://www.zerohedge.com/the-market-ear/first-cracks

 

Summary: The AI melt-up remains firmly intact, but some of the first meaningful warning signs are starting to appear. Trend support is being tested, semis are showing signs of exhaustion, and volatility traders are becoming increasingly cautious. Nothing has broken yet, but the market is no longer as one-sided as it was a few weeks ago. The AI melt-up remains firmly intact, but some of the first meaningful warning signs are starting to appear. Trend support is being tested, semis are showing signs of exhaustion, and volatility traders are becoming increasingly cautious. Nothing has broken yet, but the market is no longer as one-sided as it was a few weeks ago.

 

            Update on breadth.

            https://www.marketwatch.com/story/s-p-500-climbing-for-9th-straight-day-but-breadth-sends-a-rare-warning-1577195d?st=8eZdM7

 

            A technical take on this record high rally.

            https://www.lpl.com/research/blog/technical-take-on-the-record-high-rally.html

 

            ‘Historical extremes’ haven’t ended well.

            https://www.zerohedge.com/markets/some-kind-record-btig-warns-these-historical-extremes-havent-ended-well

 

Summary: Despite the S&P 500 index looking set to end its historic daily win-streak today, if the week ended right now, BTIG Chief Technical Strategist, Jonathan Krinsky, notes that it would be the best 10-week gain (+44.6%) in the history of the S&P 500 Tech Sector which dates back to 1990. Krinsky notes that has only occurred on ten unique periods since 1990.Most recently June 2024, before that August 2020, and before that late December 1999. There were some positive outcomes (May '95 and July '97), but most of the other occurrences saw meaningful consolidations or drawdowns over the next 40 trading days. The only fear left is FOMO.

 

            Dispersion and correlation are screaming ‘overbought’.

            https://www.zerohedge.com/markets/dispersion-and-correlation-are-screaming-overbought-downside-hedging-cheap

 

            The Market has forgotten how to go down.

            https://www.zerohedge.com/the-market-ear/market-has-forgotten-how-go-down

 

Summary: The rally continues to defy gravity. Momentum remains powerful, investors continue to abandon protection, and the market keeps squeezing higher. The trend remains firmly intact, but signs of stretching are becoming increasingly difficult to ignore. Vol refuses to collapse. VXN has remained remarkably well bid despite the strong move higher in the Nasdaq. The problem with spot-up, vol-up regimes is that investors often become frustrated paying for protection and eventually abandon it. Ironically, that's usually when protection is needed most. Protection remains unwanted. Skew has spent months resetting as investors have grown increasingly comfortable selling or abandoning downside hedges. Today's uptick is modest, but it serves as a reminder: when everyone is naked the downside, small declines have a tendency to become larger ones. Momentum remains extraordinary, but the crowd is increasingly positioned for a world where every dip gets bought. That's rarely when risk is lowest.

 

Thursday morning setup: US equity futures are weaker, dragged lower by Tech after a disappointing outlook from Broadcom triggered doubts that the blistering rally in technology shares had gone too far, a move exacerbated by euphoric positioning. As of 8:00am ET, S&P futures dropped 0.4%, while Nasdaq futures slumped 1.2%. Broadcom, which added around $150 billion in market value just this week, slumped 13% in US premarket trading after its forecast for artificial-intelligence semiconductor revenue in the current quarter fell short of expectations. CrowdStrike shares also drop 10% after their revenue projection failed to impress investors. Semis are under pressure following AVGO’s earnings, while Mag7 are bid led by AAPL (+1%). Parts of Cyclicals and Defensives are bid as portions of the AI Theme are weaker pointing to a potential de-risking or the very early stages a rotation. Given the sell off in APAC and EU bid, it appears to be the former rather than the latter. Bond yields are lower as the curve bull steepens, and USD weakens. Commodities are lower as Energy sells-off on news that Israel / Lebanon will resume their conditional ceasefire within 24 hours (although Hezbollah was notably not mentioned); but, precious metals are a notable outperformer. Today’s macro data focus is on Challenge Job Cuts, Initial Claims, and Continuing Claims, with NFP coming tomorrow. 

 

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly jobless claims totaled 225,000 versus consensus of 213,000.

                          https://www.zerohedge.com/markets/jobless-claims-jump-us-tech-firms-announce-most-job-cuts-2-years

 

Q1 nonfarm productivity advanced 0.3% versus projections of +0.5%; unit labor costs were up 1.8% versus +2.5%.

 

April factory orders were up 4.8% versus estimates of +4.6%; ex transportation, they were up 1.3% versus +0.8%.

 

The May services PMI was 50.7 versus expectations of 50.9; the May composite PMI was 51.5 versus 51.7.

 

The May ISM services index was 57.7 versus forecasts of 55.0.

 

The May ADP private payroll report showed a 122,000 increase in jobs versus predictions of +117,000.

 

                        International

 

                          April EU retail sales fell 0.4% versus consensus of -0.3%.

 

The May EU construction PMI came in at 43.7 versus projections of 41.5; the May German construction PMI was 42.4 versus 42.0; the May UK construction PMI was 38.2 versus 40.3.

 

                        Other

 

                          April median household income.

                          https://politicalcalculations.blogspot.com/2026/06/median-household-income-in-april-2026_02081741537.html

 

In Tuesday’s blog post, I included an article dealing with the impact of interviewees’ political views on the consumer sentiment index survey. Here is a study that could help adjust for that factor.

https://econbrowser.com/archives/2026/06/reassessing-the-relationship-between-consumer-sentiment-and-spending-with-a-new-composite-index

 

                          A weirdly decent jobs market.

                          https://wolfstreet.com/2026/06/02/and-more-data-showing-a-weirdly-decent-labor-market/

 

                          OECD says economic growth will slow even if oil prices peak soon.

                                                  https://www.nytimes.com/2026/06/03/business/iran-war-oecd-economy.html?unlocked_article_code=1.nVA.M000.9enjGvNcNtlF&smid=url-share

 

                         EU could lose 1.3 million jobs due to energy price surge.

                         https://www.zerohedge.com/economics/eu-could-lose-13-million-jobs-due-energy-price-surge-iran-war

 

                          Update on Q2 GDP nowcast.

                          https://www.capitalspectator.com/energy-shock-looms-but-q2-gdp-still-looks-surprisingly-strong/

 

The latest Fed Beige Book doesn’t tell us anything that we didn’t already know.

https://www.zerohedge.com/economics/latest-fed-beige-book-underscores-k-shaped-split-us-economy

 

            Iran

 

             Overnight news.

            https://www.zerohedge.com/geopolitical/oil-prices-fall-white-house-signals-will-maintain-ceasefire-iran-unless-american

 

     Investing

 

            Is this bull market only half over?

            https://www.carsongroup.com/insights/blog/is-this-bull-market-only-halfway-over/

 

            Update on valuations.

            https://www.advisorperspectives.com/dshort/updates/2026/06/02/market-valuation-is-the-market-still-overvalued

                https://www.advisorperspectives.com/dshort/updates/2026/06/02/q-ratio-and-market-valuation-may-2026

                https://www.advisorperspectives.com/dshort/updates/2026/06/02/p-e10-and-market-valuation-may-2026

                        https://www.advisorperspectives.com/dshort/updates/2026/06/02/regression-to-trend-s-p-composite-207-above-trend-in-may

 

            Risk management for retirees.

            https://www.advisorperspectives.com/commentaries/2026/06/03/risk-management-retirees-when-reduce-exposure

 

            Andrew Left’s conviction leaves Wall Street wondering ‘what are the rules?’.

            https://giftarticle.ft.com/giftarticle/actions/redeem/d097d67f-396a-4359-bd87-d54e33be6714

 

            Barry Ritholtz’s thoughts on the Market.

            https://ritholtz.com/2026/06/5-things-i-am-thinking-about/

 

            Ray Dalio’s thoughts on the Market.

            https://www.zerohedge.com/markets/pricking-coming-dalio-warns-ai-bubble-will-burst-dot-com-tech-will-endure

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            Congress wants to fix college sports. What could go wrong?

            https://www.realclearmarkets.com/articles/2026/06/03/congress_wants_to_fix_college_football_what_could_go_wrong_1186392.html

 

            Reflections on Blackstone’s commentaries.

            https://www.cato.org/blog/reflections-blackstones-commentaries-natural-liberty-mankind

 

            Are you winning in life?

            https://kindnessfp.com/win-in-life/

 

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.

 

 

 

The Morning Call--AI: the turning point?

 

The Morning Call

 

6/3/26

 

The Market

         

    Technical

 

            Tuesday in the charts.

            https://www.zerohedge.com/markets/bitcoin-battered-black-gold-bid-job-openings-battle-hormuz-closings

 

Summary: A surge in job openings (and plunging quits) combined with continued upbeat earnings sparked a notable decoupling between stocks (higher) and oil (higher) as traders parsed discordant signals on the prospects of a US-Iran peace deal. Bond yields tracked oil (and JOLTS helped) but ended unch-ish, with both gold and the dollar roller-coastering to end unch also. Bitcoin was clubbed a baby seal, completely decoupling from tech stocks.

 

            Tuesday in the technical stats.

            https://www.barchart.com/stocks/momentum

            https://www.barchart.com/stocks/market-performance

            https://www.barchart.com/stocks/sectors/rankings

            https://www.barchart.com/stocks/signals/new-recommendations

           

Wednesday morning setup: US equity futures are mixed as oil prices, bond yields, and USD move higher in response to the latest overnight attacks in the Middle East with no public progress on a deal. As reported previously, the US struck Iran’s Qeshm Island, which was then met with retaliatory Iranian strikes on US bases in Kuwait; explosions were also reported in Saudi Arabia, and air sirens were set off in the UAE. US Centcom said that the Iranian drone attacks were “successfully defeated.” As of 8:00am ET, S&P futures were down 0.1% but off session lows: absent the now daily gamma squeeze, the S&P is poised to halt a nine-day rally; Nasdaq futures rose 0.2% with semis bid premarket led by MRVL, INTC, AVGO, and AMD as Mag7 names are weaker. Some pockets of tech exuberance are seen in the US pre-market with Marvell adding 12% to Tuesday’s near 33% surge. Tech enthusiasm was once again on display in Asia with the MSCI APAC index hitting yet another record high. Mag7 have been used as a funding trade to buy Semis and to make room for deals, according to JPM. Cyclicals ex-Energy are lagging Defensives. Brent rose 2.3% to top $98 a barrel. The yield on 10-year Treasuries climbed four basis points to 4.48% as crude prices stoked concerns about inflationary pressures; the yield curve is bear flattening with yields up 3-4bp as USD is poised for its strongest week since mid-May. Data calendar includes May ADP employment change (8:15am), S&P Global US services PMI (9:45am), and April factory orders and May ISM services index (10am). Fed speaker slate includes Barr (9am) and Logan (4pm), and Beige Book is slated for 2pm release.

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications declined 2.5% while purchase applications were off 2.9%.

 

Month to date retail chain store sales were up 9%, a similar rise as the preceding week.

 

April job openings (JOLTS) totaled 7.62 million versus consensus of 6.88 million.

https://bonddad.blogspot.com/2026/06/april-jolts-report-confirms-low-hire.html

 

May light vehicle sales totaled 16.1 million versus projections of 16.0 million.

 

The June small business optimism index came in at 42.5 versus estimates of 44.5.

           

                        International

 

                          April EU PPI was reported up 0.6% versus expectations of +0.4%.

 

The May Japanese services PMI was 50.0, in line; its May composite PMI was 51.0, also in line; the May German services PMI was 48.1 versus 47.8; its May composite PMI was 48.8 versus 48.6; the May EU services PMI was 47.7 versus 46.4, its May composite PMI was 48.5 versus 47.5; the May UK services PMI was 49.3 versus 47.9; its May composite PMI was 49.7 versus 48.5.

 

                        Other

 

            Overnight News

 

Even as the piles of capital secured have grown ever larger, the ability to deploy it in the artificial intelligence race has become less certain. Supply-chain backlogs, permitting fights and availability of power supplies are among the issues that have caused the construction of data centers to fall behind targeted timelines, with the gap growing wider in recent months.

 

Federal Reserve Chairman Kevin Warsh has tapped two outside associates (Paul Winfree and Daniel Heil) to advise him while he settles into the job, one of whom previously helped write a conservative blueprint that recommended a radical restructuring of the central bank.

 

Federal Reserve watchers expect Kevin Warsh to begin revamping the central bank’s rate guidance as soon as this month, as the newly appointed chair embarks on a sweeping overhaul of the institution. Several former top officials said that they expected Warsh, whom President Donald Trump swore in to succeed Jay Powell as Fed chair in May, to begin rolling back the central bank’s “forward guidance” on interest rates as soon as the mid-June Federal Open Market Committee meeting.

 

            Iran

 

              Overnight news.

              https://www.zerohedge.com/geopolitical/major-iranian-attack-kuwait-international-airport-leaves-one-dead-63-injured

 

            Fiscal Policy

 

              The fiscal inheritance of Gen Z---we can only hope that the author is right.

              https://www.realclearmarkets.com/articles/2026/06/02/a_great_fiscal_inheritance_for_gen_z_and_an_even_bigger_opportunity_1186036.html

 

 

            Inflation

 

              EU inflation assures rate hike.

              https://www.zerohedge.com/economics/euro-area-inflation-tops-30-first-time-2023-cementing-ecb-rate-hike

 

            AI

 

              The turning point?

              https://alhambrapartners.com/weekly-market-pulse-the-turning-point/?src=news

 

              AI will create more jobs, not fewer.

              https://www.apollo.com/wealth/the-daily-spark/ai-will-create-more-jobs-not-fewer

 

            Tariffs

 

              Trump proposes new round of tariffs.

              https://www.zerohedge.com/geopolitical/trump-team-proposes-new-tariff-round-60-countries-over-forced-labor-practices

 

     Investing

 

            Is the S&P rising too fast?

            https://politicalcalculations.blogspot.com/2026/06/is-s-500-rising-too-much-too-fast.html

 

            The S&P is in rare territory.

            https://www.zerohedge.com/markets/outside-recession-rebounds-sp-hasnt-done-right-1987s-black-monday

 

Summary:  Global equities have seen remarkable strength given the current array of risks, with the S&P 500 up +16% in two months. But since WWII, the S&P 500 has only seen a two-month gain that fast coming out of a recession (like the GFC and Covid-19) or before a major crash like Black Monday 1987. . Along similar lines, credit spreads also remain historically tight, even as warning signs on the consumer are building. . Nevertheless, this resilience to geopolitical risk in equity and credit markets still isn’t reflected among sovereign bonds. 10yr Treasury yields have continued to trade almost entirely in line with oil prices over the last month, even as other assets have decoupled. Despite the Strait of Hormuz staying closed longer than initially anticipated, the oil futures curve has been remarkably contained in the last two months.

 

            Update on valuations.

            https://www.advisorperspectives.com/dshort/updates/2026/06/02/p-e10-and-market-valuation-may-2026

 

            Five investment themes to watch.

            https://giftarticle.ft.com/giftarticle/actions/redeem/b7a261ee-4a73-4ade-813e-2f3b7e7e3522

 

            Stop chasing fund performance.

            https://behaviouralinvestment.com/2026/06/02/please-stop-chasing-fund-performance/

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            Consumer sentiment and politics.

            https://stayathomemacro.substack.com/p/consumer-sentiment-isnt-politics

 

                        Creating abundant risk free information at no cost.

            https://www.realclearmarkets.com/articles/2026/06/02/creating_abundant_market_information_in_a_risk-free_way_1185733.html

 

            Inside the thrilling chariot races in ancient Rome.

            Inside the thrilling chariot races of ancient Rome’s Circus Maximus | National Geographic

 

 

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