Join us on September 30th the second webinar in our six-part series looks at what stock-by-stock rotation means for structured product supply, how correlation affects the economics of different autocall structures, and what happens if elevated correlation persists or reverts. Free registration link below. vimeo.com/event/6188714/53fe…

Just got off the phone with the great Rick Santelli. I told him what an absolute honor and privilege it has been to be his colleague for over 20 years. In a world where everyone is replaceable, it will be extraordinarily difficult to find another with his intellect, integrity, passion, and expertise. I wish my dear friend nothing but the best for the next chapter of a well lived life.

Reporter: "What do you say to those who are struggling to afford gas, groceries, diesel?" Trump: You're losers. It's the greatest. If you're struggling in this economy, you're a loser. There's your midterm messaging from the GOP

Axios' @mikeallen asks Treasury Secretary Scott Bessent if he regrets saying "I am the house now." Bessent: "No, because look, the house doesn't win every hand. The house plays percentages."

It is becoming obvious that AI is impacting the labor market. Going back to mid-2025: -Finance + Tech industries -246k jobs. -All other industries +812k jobs. This dynamic will most likely intensify next year and expand into other industries.

Sir, this is a Wendy's…

The Trump administration's actions to support equity markets at all costs comes at a drastic expense to the lower and middle income citizens and small and medium sized businesses, the exact people who elected him into office for change. In my view, there is nowhere near the appropriate appreciation amongst the general public and market participants for how these actions hurt the parts of the population and economy who have the least ability to weather the costs. The equity market focused stimulus measures keeps asset values high, the top part of the K-shaped economy healthy and their consumer spending robust. This produces above-trend demand into a supply constrained economy where the lower and middle income class are seeing negative real wages and don't have investment portfolios to draw from and offset that burden. They are falling further and further behind. These equity market focused stimulus measures are creating inflation and add fuel to the fire burning down the lower and middle class by forcing the Fed to hike interest rates. These front-end interest rate hikes have an outsized negative impact on small businesses while the administration's suppression of long-end yields benefit the wealthy and long-term corporate borrowers. These are all measures the Trump administration and its top officials (@SecScottBessent et al) campaigned against and vowed to fix, but they continue the same policy path that has led to the most imbalanced and unequal economy and wealth divide in decades. There's a reason this administration has record low approval ratings and rapidly deteriorating polling numbers going into midterms. They continue to worsen the economic hardship onto the workers least able to bear it and least able to articulate what is happening to them while making the rich richer and ensuring the top 1% and technology oligarchs continue to reap the rewards. When you truly understand the ramifications of what's happening at the direction of policymakers and elected officials who were voted into office to do the opposite, and assuming you have a human heart and conscious, it's hard not to adopt a "burn it down" view.

Here it is: the latest, expanded AI circular financing chart

BREAKING: An appeals court has found Trump colluded with the Department of Justice in bringing and later dismissing a case seeking $10 billion in damages from the IRS, per the Hill

Epic headline. Real banana republic material.

BREAKING: US, UK, France, Germany, Italy, Japan, Canada have just agreed to a coordinated release of 100 million barrels of crude oil and diesel through the IEA, beginning immediately over four months, with a frontloaded substantial diesel release within the first 20 days, per Macron. The G7 says it will coordinate refinery maintenance schedules to prevent simultaneous shutdowns, will convene at the IEA in the coming days on the possibility of additional diesel releases, and calls on all producers to refrain from export bans "that could exacerbate market tensions." The US told Germany and France on Thursday to draw down their emergency diesel reserves immediately or face a US diesel export ban, and asked the EU for 120 million barrels over six months. The US offered its own 40 million barrel SPR release on Tuesday.

This has historically been resolved with the white line (trailing) catching down to the blue one (forward), not vice versa. Means growth is overstated.

MSFT, NVDA, AAPL and META alone added about 300 points to the S&P in Q3, more than 200% of the index's total gain. The other 499-ish stocks together subtracted about 150 points: Citadel

This is part of the focus of my upcoming show with @jam_croissant, drops next week!

Shocking stat of the day: Each of the top 4 S&P 500 companies is now larger than the entire Russell 2000 Index, which has a total market cap of $3.5 trillion. Nvidia, $NVDA, alone, with a $5.7 trillion market cap, exceeds the small-cap index by $2.2 trillion. At the same time, Apple, $AAPL, with its $4.9 trillion market cap, is worth $1.4 trillion more than the Russell 2000. Alphabet, $GOOGL, and Microsoft, $MSFT, are valued at $4.2 trillion and $3.8 trillion, respectively, also surpassing the combined market cap of the Russell. These 4 big tech stocks are now collectively valued at a massive $18.6 trillion, accounting for 26% of the S&P 500’s total market cap. Meanwhile, the Russell 2000 represents ~7% of the total US equity market, despite containing nearly 2,000 companies. Big tech has never been bigger.

We discuss this concentration on my upcoming show with @jam_croissant. Subscribe: YouTube: piped.video/nataliebrunell Apple: podcasts.apple.com/us/podcas… Spotify: open.spotify.com/show/0YOEwx… Fountain: fountain.fm/show/WiDvob4Cv6I… Rumble: rumble.com/c/c-4682710/video…

👂 He told you when to buy… he’s now telling you when to sell… 👇