The Morning Call---A debate on how the bubble bursts

 

The Morning Call

 

10/8/26

 

The Market

         

    Technical

 

            Wednesday in the charts.

https://www.zerohedge.com/markets/stocks-slide-all-time-high-amid-rising-turmoil-just-below-surface?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3NTc0Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTQwNDA2OSwiZXhwIjoxNzkzOTk2MDY5LCJhdWQiOiJ6aC1naWZ0In0.DPn2TP-SUMaN6n4tf3g0aR5efQfgui8ZcbjcFK4g8eY

 

Note: the S&P ended the day right on its former all-time high, closing one of the two gap up opens I mentioned yesterday. For this current break to be successful, the index clearly has to close today right on or higher than the former high in order to not negate this break.

 

            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 asymmetry has shifted.

https://www.zerohedge.com/markets/asymmetry-has-shifted-goldman-vol-trader-steps-ai-train-hedge-funds-most-crowded-mag-7?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3NDkwIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTQwMjkzNCwiZXhwIjoxNzkzOTk0OTM0LCJhdWQiOiJ6aC1naWZ0In0.jvkfjqo6nWBmET_3_ufdnwJaFCh9dmGECEKyqyQaxVw

 

 

            Q4 equity performance in a mid-term election year.

            https://chartkidmatt.com/p/here-s-your-seasonal-playbook

 

Thursday morning setup: US equity futures are lower, extending Wednesday's decline, with the S&P sliding further from Tuesday's record high as oil spikes on reports that Trump may order fresh strikes on Iran before the midterms, a tanker was hit off Qatar in the first strike deep inside the Persian Gulf in about a month, and an approaching storm has shut some US output; as a result the global bond rout picks up where it left off with 10Y yields hitting 5.35%. As of 8:00 am ET, S&P futures are 0.4% lower at 7,820 and Nasdaq futures are down 0.5%, while Dow and Russell futures are both down 0.8%. This follows a session in which the S&P (-0.2%) slipped from its record, almost three-quarters of the index fell and the Russell 2000 (-1.3%) sank to a 4-month low. In premarket trading, Tesla and Nvidia underperform their Mag 7 peers as chip, growth, and AI-related stocks trend lower, while Microsoft and Apple edge higher; Defensives lead Cyclicals with Energy the bright spot as hurricane Isaias forces Gulf producers to shut in wells. Wolfspeed soars 17% on a $1.5 billion DoD loan commitment and Palantir gains 2.2% on a Goldman upgrade. The day's driver is oil (again): Brent has jumped 5% to above $105 and WTI is up around 5% after The Atlantic reported the White House asked the Pentagon for Iran strike options that could be executed before November, a tanker was hit off Qatar and the Houthis fired a ballistic missile at Riyadh's airport. Treasuries are 5-7bp cheaper across the curve with the belly leading, and the 10Y is near session highs around 5.35%, a whisker from Wednesday's 24-year high of 5.36%, ahead of today's $22BN 30Y reopening. The Bloomberg dollar index is flat near a 3-month high and the DXY trades around 102.36; USDJPY is at 158.2 and EURUSD is stuck near 1.12, its lowest since May 2025. In commodities, Energy is bid while the rest of the complex is weaker: gold is up 0.3% to $4,123, silver is down 1.4% at $58.90, US natgas is up 1% to $3.24 and European TTF gas is above €80/MWh. Bitcoin is down 0.5% at around $83,000. US economic data slate includes initial jobless claims (8:30am, est. 200k) and August wholesale inventories (10am). Fed speaker slate includes Kashkari (10:40am) and Musalem (1:40pm); Waller already spoke at 4:30am. Treasury sells $22BN of 30-year bonds at 1pm.

 

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly initial jobless claims totaled 197,000 versus estimates 0f 200,000.

                           https://www.zerohedge.com/markets/jobless-claims-confirm-low-hire-low-fire-economy

 

                        International

 

The August German trade balance was +E19.5 billion versus expectations of +E19.0 billion.

 

                        Other

 

                          What is driving consumer spending?

                          https://talkmarkets.com/article/worried-consumers-keep-spending-heres-why

 

            Iran

 

              Overnight news.

                  https://www.zerohedge.com/geopolitical/pezeshkian-calls-iranians-ration-electricity-stand-us-negotiations-stalemated

 

            Monetary Policy

 

The Fed released the minutes of September FOMC meeting---which were hawkish in tone.

                          https://www.zerohedge.com/markets/fomc-minutes-show-all-19-fed-officials-supported-rate-hike-most-assess-another-hike-year

 

              The Fed has missed its inflation goal 66 months in a row.

                          https://quoththeraven.substack.com/p/the-fed-has-missed-its-inflation?r=1ng8jx&utm_campaign=post-expanded-share&utm_medium=web

 

            Fiscal Policy

 

              The SEC is watching.

              https://reason.com/2026/10/06/the-sec-is-watching-american-investors-trades-thats-a-privacy-nightmare/

 

            AI

 

              Trusting Mark Zuckerberg.

              https://alhambrapartners.com/weekly-market-pulse-the-new-luddite-revolution/?src=news

           

              Reconciling AI expected revenues to capex.

              https://econbrowser.com/archives/2026/10/reconciling-expected-revenues-to-expenditures

 

              SpaceX credit risk hits new high.

              https://www.zerohedge.com/markets/spacex-credit-risk-hits-new-high-ai-debt-binge-fears-spook-bondholders

 

            The Financial System

 

              Deeply distressed loans rise to the highest levels since the pandemic.

  https://www.bloomberg.com/news/articles/2026-10-06/deeply-distressed-us-loans-rise-to-highest-level-since-pandemic?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTc5MTM5NzI1NiwiZXhwIjoxNzkyMDAyMDU2LCJhcnRpY2xlSWQiOiJUTUhRVUFUM0JaTUwwMCIsImJjb25uZWN0SWQiOiJCMzFCNTRDQTI3MTE0NjAxOUQxMURCN0IxRUM4NTE2MyJ9.LM8INpIH3ZRQWxC8gX6emNgapi4Zuxe7bRPd-cVjSoo

 

              Surging rates causing a problem for commercial real estate industry.

              https://www.wsj.com/real-estate/commercial-real-estate-interest-rates-22d04b1b?st=9GuQG4&reflink=desktopwebshare_permalink

 

     Investing

 

            Getting bonds (and diversification) wrong.

            https://behaviouralinvestment.com/2026/10/06/getting-bonds-and-diversification-wrong/

 

            A debate on how the bubble bursts.

https://www.zerohedge.com/markets/not-spectacular-enough-novogratz-says-ai-biggest-bubble-our-lifetime-and-you-should-buy-it?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3NjAwIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTQ2MzM0OSwiZXhwIjoxNzk0MDU1MzQ5LCJhdWQiOiJ6aC1naWZ0In0.duu3C0_HlQAGieUPkDKb9eufbf-DAYgC6iRZfvPGo6s

 

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

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---Stocks and bonds are pricing in two radically different scenarios

 

The Morning Call

 

10/7/26

 

The Market

         

    Technical

 

            Tuesday in the charts.

https://www.zerohedge.com/markets/le-pen-pause-markets-calm-after-storm-next-storm?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3NDE1Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTMxODA3NiwiZXhwIjoxNzkzOTEwMDc2LCJhdWQiOiJ6aC1naWZ0In0.cz4m0i_G9lM9USEVcfV-yg6E5R7-dRQWv9oODyhoFdg

 

Note: the S&P hit a new all-time high yesterday. If it remains there through the close on Friday, it will mark the resumption of upward momentum. Meantime, it has two small gap up opens to contend with. Confusing the situation is the radically different pin action in bonds versus stocks (see below). I am waiting until at least Friday’s close before getting too jiggy.

 

            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

 

            Tech just broke out.

https://www.zerohedge.com/the-market-ear/tech-just-broke-out-then-we-saw-2000-analog?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3NDA2Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTMxODU1OCwiZXhwIjoxNzkzOTEwNTU4LCJhdWQiOiJ6aC1naWZ0In0.RrmZrsvVRTVr2rEBFLLipraMlKH7v8eQoQN18xMgTzY

 

            Stocks and bonds are pricing in fundamentally different scenarios.

https://www.zerohedge.com/markets/bonds-stocks-are-pricing-fundamentally-different-macro-regime-deutsche-watching-these-5?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3NDA1Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTM3NzAzOCwiZXhwIjoxNzkzOTY5MDM4LCJhdWQiOiJ6aC1naWZ0In0.CQZDKM9aAOe4J2GyNoQxbpF7nQO1pbXyC9oxiiKmlRQ

 

                        The above in the charts.

https://www.zerohedge.com/the-market-ear/long-trade-got-harder-hedge-got-cheaper?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3NTA3Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTM3ODEzOCwiZXhwIjoxNzkzOTcwMTM4LCJhdWQiOiJ6aC1naWZ0In0.pF3gvmt4dmUaI6sET02cY2ua10p3lwrPZHwS1d7FkMk

 

            Time to buy bitcoin?

                        https://www.marketwatch.com/story/bitcoins-big-bounce-has-graduated-to-a-longer-term-uptrend-is-it-too-late-to-buy-a9bc585c?st=TD2bgm

 

Wednesday morning setup: US equity futures are sliding from Tuesday's record close as oil climbs back above $100, global bond yields resume their ascent and the AI bubble debate makes an unwelcome comeback. As of 8:00am ET, S&P futures are 0.4% lower, trading around 7,844, while Nasdaq 100 and Dow futures drop 0.6%; small caps are also under pressure with Russell 2000 futures down 0.3-0.4% as usual. On Tuesday, the S&P 500 rose 0.6% to close at a record high for the first time since August 13, its fourth consecutive advance and longest winning streak in about two months, with the Nasdaq 100 also closing at an all-time high. Premarket, the Mag 7 are mixed (Apple +0.4%, Tesla -0.8%) while Memory, Semis and Software are all lower as the AI theme sees some profit-taking following a slide in Korea's Kospi; Constellation Brands slides 4.7% after the Corona brewer reaffirmed guidance, Neogen jumps 11% on an earnings beat, and SpaceX falls 2% on a report it is seeking to raise $40 billion in a chip-backed SPV to buy Nvidia chips. The day's driver is once again oil: Iran has increased the pace of attacks on tankers in the Strait of Hormuz just as shipments through the chokepoint approach prewar levels, sending Brent up 1.4% to $101.94 and WTI up 0.7% to $90.02. That has pushed Treasuries lower, with the long end leading: the 30-year yield climbed 5bps to 5.70%, the highest since 2002, while the 10Y trades around 5.335%, up 5bps, and 2s10s is 4bps steeper. The Bloomberg Dollar Spot Index rose 0.3%, approaching its highest levels since June, as the euro slid to a 16-month low against the pound amid renewed French fiscal angst, with the OAT-Bund spread back out to 138bps. Gold dropped 1% to around $4,121 and silver fell 1.9% to $60.21, while copper is flat with Chinese buyers still away for Golden Week. Bitcoin is down 2.4% near $83,600. US economic data slate includes MBA mortgage applications (7am, -4.2%), September NY Fed 1-year inflation expectations (11am), FOMC minutes from the September 16 meeting (2pm) and August consumer credit (3pm). The Treasury sells $39 billion of 10-year notes in a reopening at 1pm.

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications declined 4.2% while purchase applications were down 2.1%.

                       

Month to date retail chain store sales were up 8.6% versus up 8.2% in the prior week.

 

The August trade balance was -$105.6 billion versus forecasts of -$102 billion.

https://mishtalk.com/economics/excluding-liberation-day-tariff-distortions-trade-deficit-biggest-in-history/

 

The latest Atlanta Fed Q3 GDP growth nowcast was 3.7%, in line with its previous calculation.

 

The October small business optimism index was reported at 46.8 versus predictions of 48.5.

 

                        International

 

August Japanese average earnings were up 3.8% versus consensus of +3.7%; the August preliminary leading economic indicators index came in at 118.0 versus 118.1.

 

August German industrial production was up 1.0% versus expectations of +0.5%.

 

                        Other

 

Leading indicators from the September employment report continue positive trends

                          https://bonddad.blogspot.com/2026/10/leading-indicators-from-setpember.html

 

                          The mighty American consumer.

                                                  https://www.wsj.com/economy/consumers/american-economy-consumer-profile-33903de1?st=AZAU4Z&reflink=desktopwebshare_permalink

 

            Iran

 

              Hormuz work arounds.

              https://www.zerohedge.com/energy/standard-chartered-says-hormuz-oil-flows-are-far-normal

 

            AI

 

              The rising real price of capital.

  https://www.zerohedge.com/markets/bullish-diffusion-intelligence-citadel-securities-bond-boss-warns-about-rising-real-price?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3MzE2Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTI5Mzk2OCwiZXhwIjoxNzkzODg1OTY4LCJhdWQiOiJ6aC1naWZ0In0.TVt4XqvC6gkX1Y-OmtFzr9XRxXJYiQ1RFRy6WJlTpIY

 

              The application phase of AI is here.

              https://www.riskhedge.com

 

              What history tells about the AI debate.

  https://www.city-journal.org/article/artificial-intelligence-safety-technology-innovation-history?utm_source=virtuous&utm_medium=email&utm_campaign=cjdaily&vcrmeid=hxRhHKikS0a0YzA6jYJMYw&vcrmiid=moIh8Omcp0KyHMIjT0IlgQ

 

              No signs of AI in the productivity data.

              https://www.apollo.com/wealth/insights-news/insights/daily-spark/No-signs-of-AI-in-the-productivity-data

             

              New Innovation Is Required to Fund AI’s $6 Trillion Buildout

              https://www.bain.com/insights/new-innovation-is-required-to-fund-ais-6-trillion-buildout-technology-report-2026/

 

              Wall Street banks launch record $60bn chip deal for Broadcom and Anthropic.

               https://giftarticle.ft.com/giftarticle/actions/redeem/41bb2a07-3aca-4c38-83a7-0313ef558395

 

              Oracle takes another blow.

  https://www.zerohedge.com/markets/lighthouse-goes-dark-after-jupiter-oracles-13gw-wisconsin-data-center-next-face-major?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3NDI2Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTMxNzIzMSwiZXhwIjoxNzkzOTA5MjMxLCJhdWQiOiJ6aC1naWZ0In0.-Mww6wC4Ktpa38Of0gnE535pcwNT0VTDQ2tNnyNViu4

 

           

            The Financial System

 

Office CMBS Delinquency Rate Re-Spikes to 12.2%, Far Worse than Financial Crisis Peak.

              https://wolfstreet.com/2026/10/05/office-cmbs-delinquency-rate-re-spikes-to-12-2-far-worse-than-financial-crisis-peak-as-end-of-extend-and-pretend-looms/

 

 

              The bond vigilantes find new reasons to worry.

              https://www.capitalspectator.com/bond-vigilantes-find-new-reasons-to-worry/

 

     Investing

 

            What is driving earnings higher?

https://www.zerohedge.com/markets/sp-2-micron-and-nvidia-alone-will-deliver-third-q3-earnings-growth-median-stock-barely?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3MzMwIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTMxNjM0NiwiZXhwIjoxNzkzOTA4MzQ2LCJhdWQiOiJ6aC1naWZ0In0.8opjlGcD5-k8lkm0T8dabrf2Do4T1Loxbfgo3Wd6NMQ

 

            What is driving rates higher?

            https://ritholtz.com/2026/10/what-is-driving-rates-higher-and-bonds-lower/

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

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--When does the credit party end?

 

The Morning Call

 

10/6/26

 

The Market

         

    Technical

 

            Monday in the charts.

https://www.zerohedge.com/markets/crazy-continues-stocks-breadth-down-yields-oil-down?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3Mjk1Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTIzMjg3MSwiZXhwIjoxNzkzODI0ODcxLCJhdWQiOiJ6aC1naWZ0In0.FDKMkQZvoRh8prq6nCmQes0rfJodaxfwv-EfZCwMBGo

 

            Monday 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

 

            Asset managers dumping S&P futures.

https://www.zerohedge.com/markets/64-billion-quiet-selling-goldman-shows-asset-managers-dumping-sp-futs-soft-data-rally?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3MjgyIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTIzMTQyNSwiZXhwIjoxNzkzODIzNDI1LCJhdWQiOiJ6aC1naWZ0In0.Yhu8J6KDP-kw0hCHh74WieifzgGs3cHe4ISSQ3wlDZc

 

           

Tuesday morning setup: US equity futures are higher for a fourth day, putting the S&P on course for its longest winning streak in two months, and on pace for a record open. Tech is leading again, though the rest of the market is finally joining in, and the bond market has stopped screaming for a few hours. As of 8:00am ET, S&P futures are 0.5% higher at 7,865 and Dow futures are up 288 points; Nasdaq futures were up 0.3% and follows a session in which the Nasdaq and the Mag 7 printed fresh records even as the 10Y closed at a post-2002 high of 5.31%. In premarket trading, semis lag Nasdaq futures as the Mag 7 and Software outperform; Cyclicals ex-Energy lead Defensives and most sectors are indicated higher, which JPM calls a "notable broadening." Nvidia is on the verge of becoming the first $6 trillion company, Constellation Energy jumps after inking an 890 MW nuclear deal with Google, and Option Care soars 23% on a report of a McKesson/CD&R bid. Today's sentiment tailwind is oil: WTI is down about 2% to $87.62, and Brent has slipped back below $100, touching $98.47. Saudi Arabia says its East-West pipeline is back to 5.8 million b/d. The oil drop helps global bonds catch a bid, led by a sharp rally in French and Italian debt as Marine Le Pen unveils her budget plans. The 10Y yield is down about 4bps to 5.27%, and the curve is bull flattening, with 2s10s about 2.5bps tighter. The Bloomberg dollar index is down 0.2% at the day's low after setting a 52-week high yesterday; cable is at its highest since October 1 and the euro has pared Monday's losses. In commodities, Energy is under pressure while Ags and Metals are bid gold has rebounded from $4,104 to above $4,150, silver is little changed around $61, and US natgas is up 0.3% to $3.08, while European TTF gas jumps more than €3/MWh. Bitcoin dipped toward $85,000 overnight before recovering to $86,000. US economic data slate includes the ADP weekly employment change (8:15am ET) and the August trade balance (8:30am). Fed speaker slate includes Williams (9:05am), Musalem (10:45am), Bowman (10:46am), Schmid (1:15pm) and Logan (7pm). Treasury sells $58bn in 3-year notes at 1pm.

 

    Fundamental

 

 

       Headlines

 

              The Economy

 

                        US

 

The September services PMI was 58.8 versus estimates of 58.7; the September composite PMI was 58.4, in line.

 

The September ISM services index was 54.9 versus expectations of 55.0.

                              https://bonddad.blogspot.com/2026/10/economically-weighted-ism-indexes-for.html

 

                        International

 

                          August German factory orders fell 10.6% versus consensus of -1.0%.

 

The September Japanese consumer confidence index came in at 35.4 versus predictions of 35.3.

 

September EU retail sales were up 0.1% versus forecasts of +0.2%.

 

The September EU construction PMI was 43.4 versus projections of 43.0; the September German construction PMI was 43.5 versus 48.0; the September UK construction PMI was 46.1 versus 45.2.

 

                        Other

 

                          Production over consumption is the source of growth.

                          https://www.forbes.com/sites/johntamny/2026/10/04/who-needs-central-planning-when-we-have-conservatives/

           

                          The economy is not working like it should.

                          https://quoththeraven.substack.com/p/the-nerve-center-of-our-economic?r=1ng8jx&utm_campaign=post-expanded-share&utm_medium=web

 

                          Euro hits seventeen month low.

  https://www.bloomberg.com/news/articles/2026-10-05/euro-falls-to-17-month-low-on-region-s-fiscal-political-risks?utm_source=website&utm_medium=share&utm_campaign=copy

 

                       

                          France is cracking, the euro is imploding.

  https://www.zerohedge.com/the-market-ear/france-cracking-euro-imploding-and-now-dirty-sanchez-joins-mess?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3MjI0Iiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTIzMTc5OCwiZXhwIjoxNzkzODIzNzk4LCJhdWQiOiJ6aC1naWZ0In0.P6DWSxjaJsFIL70jHVYwP-wh2seSfgfl3c8In6KvERU

 

 

            Iran

 

              Overnight news.

              https://www.zerohedge.com/geopolitical/houthis-seize-yemen-parliament-speakers-home-cut-taiz-aden-lifeline-all-out-war-erupts

 

            Inflation

 

              Truckers are having a tough time surviving.

  https://www.wsj.com/economy/truckers-are-using-every-trick-they-can-to-survive-soaring-diesel-prices-0af349aa?st=m3Qoi7&reflink=desktopwebshare_permalink

 

 

            AI

 

               Robots are not coming for your job.

               https://www.apollo.com/wealth/insights-news/insights/daily-spark/robots-are-not-coming-for-your-job

 

              When does the credit party end?

  https://www.zerohedge.com/markets/when-does-credit-party-end-goldman-morgan-stanley-map-ai-debt-binge-edges-start-crack?gift=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJuaWQiOiIxMTI3MzExIiwic2VuZGVyVWlkIjoiUUhnc3BaZVVFS2E3RHhXM216eFlKbjhaWEFoMiIsImlhdCI6MTc5MTI5MjAwMywiZXhwIjoxNzkzODg0MDAzLCJhdWQiOiJ6aC1naWZ0In0.hzorpS5QKvVy0NmfzG-kAmk0eh-jz4eNiAmrNmZB3T0

 

 

            Tariffs

 

              The simple case for free trade.

              https://thedailyeconomy.org/article/keep-the-case-for-free-trade-simple/

 

     Investing

 

            The AI wealth effect.

            https://www.axios.com/2026/10/01/ai-wealth-stocks-economy

 

            Is it time to nibble at bonds?

                        https://wolfstreet.com/2026/10/03/a-wild-week-for-10-year-30-year-treasury-yields-is-there-blood-in-the-streets-yet-is-it-good-enough-for-me-to-nibble/

 

            Treasury yields haven’t cracked the bull market…yet.

            https://www.capitalspectator.com/rising-treasury-yields-havent-cracked-the-bull-market-yet/

 

            The math that breaks retirement.

            https://talkmarkets.com/article/sequence-of-return-risk-the-math-that-breaks-retirements

 

            Global pension funds cut US equities exposure.

            https://giftarticle.ft.com/giftarticle/actions/redeem/6ff32057-a20f-41ac-8ced-9a33d86adbcf

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

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