5.28.26 morning subspaces

The speaker discusses a wearable device called U-O-R-A or O-U-R-A, a ring for sleep apnea and cognition. They mention personal income and spending data, inflation metrics, durable goods orders, GDP numbers, and bond yields. The dialogue covers topics like market behavior, inflation concerns, interest rate hikes, semiconductor market trends, and Elon Musk's strategy with Tesla and SpaceX. The conversation also touches on various economic indicators, market analysis, and personal anecdotes. Good morning everyone and welcome to Subscriber Space. It's May 28, 2026. This is an information only space. This is not my concerned section about professional advice. I'm not your professional advisor. I'm just fascinated at what I just saw. There's a company U, no, U-O-R-A or O-U-R-A. Um, it's a wearable device. They got a ring. It's good for sleep apnea and cognition. It's a subscription thing. It's a wearable. The size came right down. I'm not advising anyone to wear it. I'm, I couldn't stop listening to this guy. You know, this is one of my, my health issues that I'm dealing with. With age and cognition and lack of sleep causes decay of the mind. And, uh, I got to order this one. It's unbelievable. I couldn't stop. Anyway, um, I'm, I'm so excited to be with you. Um, just letting you know some of the things that I'm interested in. Uh, I, I said, I might've posted the IGV divided by SMH. It's totally insane. Um, someone's asking, um, uh, if there's drama, uh, that the, the listening level is, is, is lower. Uh, it's an unpleasant question for someone to ask and frame that way. They use the word dwindle. What's going on is people are impatient. The idea that I've been talking about since the beginning is primarily Newtonian. We're largely behaviorally in a Euclidean world, two dimension. People can't understand acceleration, multiple higher order dimensions. We have a war. It stops the process from happening. The war helps contribute to the insanity of semiconductors. Um, my objective for myself is to diagnose the state of the market. We've got some data coming in with a long list of breaking news on this Thursday morning. Let's start out with April personal income and spending all the inflation metrics in this report, income expected up four 10s comes in light. It comes in at zero unchanged. Equal in February. You have to go back to May of last year to find a smaller number, which was a negative on the spending side. Exactly as expected up after 1%. If you look at real spending adjusted for inflation, exactly as expected up one 10th of 1%. Now let's get into the inflation metrics. Let's look at PCE, the non-core on a month over month basis, up four 10s. That's easier than the five cents. Equally in February, January was less than up three 10s. Now, if you look at it here over your perspective, up 3.8 exactly as expected. However, it's a bit hotter than our last look, which was 3.5, 3.8. Well, to find a higher number, you're looking at all the way back to 4% and that was in May of 23. So there was a bit of a jump there with respect to the inflationary pressures. If we look at core numbers now, month over month up two 10s, less than expected, one 10th less than expected. Two 10s on core. Go to war. PCE year over year. Expected 3.3, comes out at 3.3. Last look was 3.2. Now let's go to initial claims. Coming in at 215,15,000. That's about 4,200 as expected. Rearview mirror gets upgraded from 209 to 210,000. Listen, 215,000 might be a little ahead of some of our low numbers up late, like the 190 level in the last week of April, but still by historic standards, very wealthy. Continuing claims, very close to expectations, 1,786,000. Now let's get into the durable goods, shall we? On the durable goods, headline number comes in at 7.9%. This is a whopper of a number. We're expecting 4%. 7.9 would be the best since the last huge snowstorm. Oops, that's called GDP. Not IRA. Let's see where the growth and the horsepower was. Once you strip out transportation, it falls to 1.1. Yes, a big drop from 7.9 to 1.1. 1.1 is great. 1.1, still more than double what we're expecting on ex-transportation. Up 1.1 will be the second-highest of the year next to February's up 1.2. If we look at durable goods, orders, non-defense, ex-aircraft, and proxy for capital spending, a big disappointment here. This is minus 1.1%. However, the good news is there's some mean reversion going on here, because some of the past numbers have been super strong. Last month's 3.4% gets upgraded to 3.9%, and that is a strong number on shipments. Comes in at up 4 tenths, a little bit light. We're not done quite yet. Let's look at what we have on GDP. This is a first-quarter number, second time around the block. If you look at the headline, we've lost 4 tenths from our first look, which was 2%, and that's what we're expecting, the consistent 2%. It dips to 1.6, and if we look at the consumption numbers, they dip 2 tenths from 1.6 to 1.4. The inflation numbers, the GDP price index, 1 tenth lighter at both front and back, 3.5%. And drumroll please, the last number, 4 PCE, quarter over quarter, comes in at 4.4. That's a little bit hotter than we're looking for, and that will be the warmest since the first quarter of 2023. After all of those numbers, the Dow Jones Industrial Average was minus 135. Right now, the futures markets are down about 113, so it's still negative, but maybe less so. A 2-year note yield moved from 406 to 404. A 10-year note yield moved from 450 to 449, which would be up one basis point. High watermark for tens was on the 19th last week, pretty much the same day, crude oil futures peak, and they've both been moving quite closely together. Joe, back to you. You know, I had to step down. Rick, I missed that. Would you just repeat what you just said? I'll go back and rewind for you. To you, man. And Rick, great job. Steve, out of all those things, I don't know what to take away from this. The PCE didn't kill anyone on the court. Well, to your question in a second, I want to point out what we talked about in the 7 o'clock hour. We had the savings rate, which plunged to 2.6 percent. Income was stagnant. Spending was up a half a point, so what did you do? You took a half a point off of the savings rate. We're looking at how people are trying to get by with this. We cannot have inflation when you don't have a savings rate. And this is where the Trump-Durham syndrome is so pronounced. You have the haters who want to talk about inflation and inflation risk. You have the federalists who are filled with vile and loathing and TDS. You have Jerome Powell, who did break the norm by staying on the Fed. It wasn't Trump breaking the norm by making a shadow Fed. He's literally, Powell, a shadow Fed chair. He's loathsome. And Kashkari said, I'm not worried about labor. I'm worried about inflation. Core is softer. And how much of it is oil? Markets are looking through these clouds. Anyway, so someone asked about the fewer numbers of people listening and some of the subscribers that aren't subscribing. The fact that we had a war, and I just imagine an amplitude, a calibration measurement of energy, a thermometer in your oven. There's warming, 250 whatever, reheating 350, cooking 450, broiling 550, whatever the numbers are, a rate cut, a tax cut. Evidence of this on February 27th when the tenure was at 394, the cycle low yield closed. I've said on the air many times, I don't think we can spend a lot of time under 4%. But after watching the behavior of tens, markets don't need to be logical. Markets don't need to be textbook accurate with fundamentals. I think that some of these yields are going to once again test 4% when this conflict is over. And as I pointed out on SquawkFox two weeks ago, Joe, 4.67% was my high watermark for resistance. That pretty much was the high on the 19th. And I do think we're going to see yields move a bit lower. And I think when the conflict ends, we're going to have a big drop. The question is, will it stay there? And that's the issue. I think there's a 30% chance the high yield for the year could be right around that 4.67%. Okay. Anyway, bond yields are down to 5%. This is disgusting, Steve Leeson. I found a kernel of inflation. Let me plant it and water it and fertilize it. I can get the 1980s back. Okay. Anyway, we had an attack on the US. We flattened 1.5 basis points. We're flattening, flattening, flattening. You look up in the net. You cannot see it. We think that even with this higher inflation, it's not delaying the federal reserve in high interest rates. They still have the outlook that they're more likely to hike at this point. Having said that, we've seen since the last FOPD that's really about opening the door to interest rate hikes. Again, we think that if you have inflation that's accelerating for more positive demand reasons as opposed to a negative... I love these geniuses. ...environment where you can get interest rate hikes, that's not our big game. They're trying to disaggregate into different things. At least I got my Rick Ventelli back on the right side of the interest rate trade. Okay. Anyway, there you go. They're so sick, these people. We have these dual oceans of deflation. We have the greatest equity overvaluation of all time. That's deflation. That's embedded, structural, virtual deflation. You introduce policy, you bring in virtual inflation from the future, and you harp your virtual deflation in equity, in S of H. You know, this IGV S of H, I can't be comfortable showing Microsoft anymore. Even the piece of pile of trash known as Meta. This S of H, Mario Nupo called it an 80% of the S of H. When Mario Nupo, who in many cases not, but in many cases is awful, starts talking about semiconductors, don't talk to me about the taxi drivers. Believe me, they're a lot smarter than everyone, especially the foreign ones, who just can't get a job for any number of reasons. But Nopo is telling me about semis. Go look at NVIDIA, not advice. Let's see, is it still 5 trillion? Let's check. And that DRAM thing, with all that inflow, okay, 5.15 trillion. No company is going to be worth more than 5 trillion very soon. And with Tesla, it seems pretty clear that Elon Musk's strategy is to absorb Tesla into SpaceX. It reminds me of the three-body trade with Thunder Redstone, who, as I tell you often, my dad went to school with before he volunteered for World War II. He used his Viacom, and he wanted to buy Paramount, and he condemned the cash flow. So he bought the dying business owner's Blockbuster. So that created the cash flow. It's like that. It's like there's a subscription model. What's Blockbuster? Blockbuster was the original staff. Software as a service. You rented it. And the business died. Of course software as a service is going to die. These guys borrow so much money lately, I'm listening to Mark Benioff. I actually visited with a friend yesterday who's got an office with a similar view of Benioff's sales source tower right on Bryant Park next to the New York Public Library. But he's borrowed a ton of money and he's buying back the shares. Well, my journeys are going to be there. Anyway, let's say it. So someone said this in the news. Pakistan is going to offer the Iranian to Beijing. It's no coincidence that yesterday Iran attacked and bombed the U.S. as an exhaustion spasm prior to surrendering. They're nuked up. Okay, back to you folks. So a rate cut, policy equivalence. You cut 25 and you need 50, market goes down. You cut 25, you don't need it, market goes up. You cut 25 and you need 25, market's stable. You cut 50 like sicko-freak-o-fowls. The last scheduled meeting before an election, you cut 50 under high inflation, high growth, high stock market. No wonder why the microstrategy surges into its, what is it, November 21, 2024 peak. Two weeks back, at 540, 5,430. Bitcoin goes up. Policy equivalence, policy interference, these garbage piles. And now he won't quit. Kashgari say inflation. Congratulations to the clowns. The one thing you know that I say, 98% of what I think is important is right. One to 2%, you can justify. Making your own models. And I'm not trying to help you develop an awareness for how markets operate. We have a war and you take 20% of oil off the market. And you have all of the media using this as a way to cause Trump to get impeached in the midterm. And now you have Pakistan saying they'll shift the nuclear dust to China. And that goes where they will not be refining it for at least a while. I'm watching race, folks. I'm watching race. Okay. Let's, let's go over the next. I'm going to take a race. So, we have 1.5 base points of flattening. We're below 450 on the tangent. We have a week close tomorrow. A week lead. We might get a week, weekly close. Okay. So, so you have some light data. They won't highlight that there was light. They don't care. If you're going into your spending, you're not going to be able to have the, if wages are below inflation, spending is going down. You mathematically cannot possibly sustain inflation. And these haters, haters are trying to pump up inflation. You need the bond market today to say one thing. The haters say something else. To me, that's a negative divergence. That's an opportunity. I don't want to get too big too early, but I'm expecting much, much flatter curves through inversion, through the Powell Low. But it doesn't matter where equilibrium is. It's the path. It's a verkristic, verkristic curve. What's the fastest path? We're in a negative verkristic curve. Where they want to take as long as possible, these policymakers in the US, in China, in the Federal Reserve, in China, in Europe, they all want American inflation, no matter how much it hurts them. They want to shove all of the inflation they can to us, so that it looks bad for our business. And we have the most beautiful two pieces of paper, three, that's ever existed. Pure information, or the highest quality available information. It's the Ultra Bond Future. It's the ZROZ. It's the Treasury Strip off the run. I'm not a fan of the on the run strip for many reasons. My dad never drove a new car. He always got one from his friend from from the Air Force that he served with, who was merchant's leasing. And he'd buy a one or a two year old car. He thought it was stealing from the needy, having the vanity of a new car smell. A new suit. Why? You buy a suit on sale. It fits the same. People have such arrogance and vanity. We're watching the bond. We're watching the curve. We're watching that squeeze Vega out of the system. The move index fell to 70 blah, blah, blah. We're 1.3 away from a death drop. And the replacement month, June replaces April of 126, 128 on the move. I am getting ready to order my dinner with Harley in my neighborhood. Not it. Oh, Pabliano. The sleaziest. Oh my God. I sent a message to my banker. I need a safe at the bank near me. There's two of them on Main Street. I just don't know which one has a safe. So I asked her to work it out. I forgot about it. Let's listen to Pabliano. He's so grotesque. Also, I think people should start to expect the coin is bigger. Volatility is compressing. They're not going to see this thing go, you know, 20X a year and then drop to 80. But then how are we supposed to think of the Cathie Wood and other kinds of predictions that we're talking about a million dollars a coin anytime soon? The hard part of predictions is you can pick price and you can pick time. Now, as I've gotten to play this game longer and longer, you start to realize picking price is the easy part. The timeline is always the hardest part. And so do I think Bitcoin hits a million dollars one day? Absolutely. The question is, does it happen in five years or four years? I happen to admit 21 minutes. Last time I got several when I said 100 instead of 21 minutes because I'm not a freak Bitcoin person. So I misspoke about 100. It didn't matter to the conversation. He was 21 million, 100 points. But OK, so 21 million. Michael Saylor finally said each Bitcoin would be worth 21 million dollars of all 21 million of the Bitcoin. Here's what's crazy is if you go back and you look in 2008, 2009, 2010, I saw recently there was like a bunch of clusters, you know, it's like a highlight reel of people talking about gold. And at the time, people were saying it's $5,000 gold, $6,000 gold, whatever. And it's how they did the bank, right? And a lot of people were just like, that sounds crazy. This guy is the sleaziest character in my life. And $5,000 gold, that's anything like $21 million per person. Well, go back to, remember, gold was $35 in 1970, right? And so if you look at it from that perspective, you go from $35 to $5,000. Now, Bitcoin's already done that. The question is how we measure it. I'm not saying that Bitcoin's going to 21 million. I don't know what the top there is. Do you think it's going to? I think it's going significantly higher. And I do agree with the hardcore Bitcoiners on one specific thing, which is Bitcoin has no top because the dollar's got every block. I got two important questions because we got to go. Jim and I, are you with the Wigwams twins or not? I don't know all the exact details of what happened there. But what I do think is that there was 100% long bear from the last administration that's going after all of these crypto exchanges. And my guess is that now what's happening is a lot of these exchanges are trying to figure out, hey, what is the impediment of what previously happened for us to continue to do this and move forward? Why do we call it a long bear? Just so I know. A long bear is some kind of political movement. Yeah. I mean, you had Volta just come out. They were recruiting a crypto army. We're going to go home. We're going to shut down this industry. Right. I mean, it was pretty clear that they were very anti-industry. And I think that you had one side of the political aisle that was very stuck on. We are going to stop this. Investors in companies, they were getting their bank accounts shut down. They were getting... Do you know people look at the CFTC today and just say that it has been completely closed? The co-op has been absolutely busted. Anybody who disagrees with anything that's been fired from that agency, there's a path to impeachment. I think that just society in general has become like a bullpup. And so we can look at people say that about the media. People say that about the regulators. People say that about the government itself. People say that about business. And the truth is like, yeah, everything is getting more and more political. What is doing bad is talking about how much we're talking about that playing it down. Next time I'm coming back, I want to talk about your friend Ryan Cohn. Thanks Anthony. All right folks, that does it for us today. We are continuing to watch the markets to see what's happening and to see what's to come after the all three major averages that all-time high was again yesterday. Make sure you join us tomorrow to walk on the floor after a quick break. Okay, how am I on now? He's just oozing with me. Oh my gosh. Okay. Okay. Okay. So we have the data, time is through. And we did, we had four tenths of a sports decision, but the bond, they're trying to hold it above, in my opinion, above five. I don't think you can. Yeah, we were down, we were up 27 tenths of an overnight low on the Iranian attack. Iran attacks us. Next thing you know, next thing you know, well, let me get off of the, okay, we're back on voice isolation. Okay. They get, they attack us. There's a face-saving for them giving the nuclear dust away. What a victory will it be if Trump gets Iran to have an agreement they won't have uranium enrichment, that they won't have the uranium dust, the precursor to a nuke. Melchi will catch them, and he can bomb the hell out of them. Or, as I prefer, let markets market, let markets do their thing. I'm listening to everyone in the world who has no sophistication or understanding about oil prices. You've got all these physical oil clowns like Dr. Anat. He's such a fraud, in my opinion. He's such a mouthpiece for OPEC. How is he not getting paid, in my opinion, from these people? He makes the craziest statements. He says Iran never did any mining of the sea. We caught them. He says they never attacked anybody. South Korea said, all these other countries. I think he's a total shill. These people don't understand virtual supplies. They don't understand supplies. The relationship between oil and heavy production. Now, keep in mind, we had that peak recently in March on volatility, semi-volatility. We came down, we had a rally on that 4%, 5% update on Monday. Go watch NVIDIA. NVIDIA divided by IGV. I'm not comfortable being short software right now. I think they go much, much lower eventually. And they might even go down soon. But my concern is that semis are so insanely overvalued, it's more than awful. So, I have positions in NVIDIA. There are no companies worth $5 billion. Our breakout was $212. We're right around there. I don't think we hold $200. I don't think NVIDIA's worth $100. I don't think NVIDIA's worth $50. I think they're at a 27-month low versus SMH. I think EWI has their own policy currency. You've got two companies, you know, the whole story. Marc Benioff is so losing and creepy and grotesque. These people, they cursed they were running their businesses on cash with no limit. Now they told us we're worth nothing. We have to buy our own shares because we can't get other people to do it. Blockbuster went out of business because they tossed the software through its gem's paradox and its distribution. It went away. These software companies are going to go away. They're going to be so diminished. But that's all for now. They went down too much. They were a source of funds to the semi-insanity and Mario Nafl is talking about. Mario, not Mario, Mario. He and David Rubin are correct. Mario Nafl. The semis are a big problem. The volatility had a lower high. And there's a lot of theta in being short the volatility. So you always have to calibrate. You can't have too much risk exposure. But as we get a flatter curve and at least the dollar stays, if that continues to, again, weaker rates could be the signal. Okay, the bond is about to surrender five. We've got the one. Kramer's telling people, buy Salesforce. You're disgusting. Okay, okay. Anyway, let's go. We're down 12.6 on the ultra bonds. That's a gap that I'm interested in filling and trading through. You see the volatility move index down, but you can see we've been flattening the bond vol VXTLT more than the VXIEFF for flattening. As they don't cut on the short end of the curve, that adds volatility. It's a peg policy that creates volatility for the two-year, because they're not willing to release the pressure by doing the policy adjustments. Okay, so we had the dollar suppression from the data. We were earlier today yesterday. We got to 99.54, I guess, overnight or whatever on the attack. I'm waiting for us to get through that. I think you take that out because that was the break down to 99.51.6. I think we take out today's highs. It's telling you that participants in the market don't have the ability to short the dollar. It's telling you that they've run out of treasuries to sell. That's the rise of treasuries. They may have some of the shorter stuff, but not the longer stuff. And the flattening, the flattening, the flattening, the flattening will squeeze out the juice, the acceleration. It'll squeeze out the juice in mortgages that will finally restart this mortgage volatility engine that Jamie Diamond instructed Clown Powell on September 12th, 2024, sandwiched between that joker Loretta Mester, who got a September 11th, 2024 interview with Sarah Isaac, who's joker in an address. She's great. And then Mester came back the day after and said, yeah, we can do 50. Policy interference is conserved. All forces are conserved in the price of the ultra bond, in the price of the strip, in the price of the EROZ, E-D-V-A. That's all information. Deepening, flattening. Along the way, market participants will do their thing. But Trump's strategy, because if you've known him for 47 years like I have, he's about real estate. And when he had bankers' trust, outstanding loans, and they wanted to foreclose on him, some of the members of the board said, we're not operators, let's give him small credit. So I'm not saying he's the brilliant businessman that he tells you. What I'm telling you is, he knows the mother's milk of real estate. And the main asset in China, which is deflating because of their population. I mean, just think, if Joe Biden wasn't such a garbage pile, a piece of crap, lying garbage pile, so desperate for electoral power that they imported the worst dregs along to many, many wonderful people. But they wouldn't vet, they wouldn't keep the criminals and the dregs, the rapes, the predators. America wouldn't have been so engaged with Trump. And we get this population growth in a more calibrated way. Inflation would be less. And that's the difference between us and Japan, and China and Korea. It's their collapsing population, ours. And ours isn't. The grounding of America is the future of America. That's what they think of the progressives. They want to turn Texas blue. I don't think you can. It's not going to be red, it's going to be purple. Because you can't bring in enough people fast enough. Because what happens is once you're second generation, you become more conservative as you fade out. I don't want to jinx it, but this monster stopped waking me up in the middle of the night. I recalibrated for medication. But it's unbelievable. I am so delighted. Okay. I have an order in at 114.08% some risk. Wow. If you get dollar strength and bond strength, goodbye. Okay. So we got my 114.08%. As I said, I need 114.5% for live, and that drops on a bull run to 114.08%. We cannot afford to lose much more volatility, folks. When you lose weight, when you lose volatility, when you lose mass, you lose gravitational attraction, and then you get levitation of price. Look at our friends in crypto bill. They don't know what they're doing. They feel betrayed by Benedict Taylor. We got a new name, Benedict Taylor. He abandoned them. He says, oh, yeah, by the way, I will sell coin. I'm not going to throw away the key and never sell it canonically, axiomatically, tattoo forehead type of stuff. No, I'm a seller. I'm a seller. And people are buying the book. The ball goes up. But look at the Bitcoin plus evolve. We got earlier today. Let's see, what were we earlier today? We got as low as 109,707 according to this. Let me go to a shorter time frame. That way, that way we can go to the low close. Get rid of some of the noise. 110,330. I think we fail 110. Of course, you know, I think we fail 100. What's 100 in crypto? So that could be a 30. It could be a 30 on the ball and 70. That's 100 30 and 70. Or you could have 20, 27 and 63, 90. So the question is, you know, it's tough once you go below 30. There's only 30 left. There's plenty on the on the gamma side. And again, if you think it's worth a million, you're uncomfortable down here. If you think it's worth a hundred, it's pretty easy. You're just waiting for the Christochrome, the inverted Christochrome. You're waiting to accelerate, gain some momentum, gain some alpha gain some exit cushion. I'm extremely negative on 70. But you have a strength and a high volatility. And you can push the volatility. The problem is it's not easy to push the big volatility when you have the valuation that we do. So what that means is high volatility is likely self-limiting. And we didn't make a new high. We made a lower high. So the pain is great. It's a 3% expected move. That's not normal in equity. So I expect that it's going to work out for us. When you sit, stand, and move more, you can work happier and healthier. So whether you're furnishing a full office or outfitting your full office, Mary has everything you need. Our best sellers are on sale, and Mary has some. Before it reaches its end, you'll require various contaminants, such as chlorine and heavy metals, which are harmful to your health and to your ability to produce what you can't do. Hi, welcome back. We have a deal for Seasons Entertainment. We've been out in the news for a bit of time on a lot of different things. Oh, VanEck is sponsoring the ticker. As well as Wilkinson, which is currently the ambassador to Italy. Someone just spent $5.7 billion to buy a casino. Gold $4460. Again, we're picking up people to join us in our thesis. We've got, um, what's his name, uh, uh, Garry Gunlack. Now he's only good till four, but he can change by then. He doesn't have a three to, uh, three thousand as a base. I can see about a $1500, uh, but three, uh, silver below $50, uh, failure breakout. We're losing volatility, folks. We're losing energy. The war was energy and people lost their patience. Look, three months of the war. Okay. We've got the curves, which started flattening some of them as early as, uh, I put it up in the, it's up in the nest. If you look in the nest, oops, get over there. Uh, if you look in the nest, in the chart, what are you doing? Okay. I am so unfilled with this stuff. Might've been some questions initially, what did he choose to do? So he obviously did when I came. Okay. Oh, there it is. Okay. So up in the nest, uh, the first one and column, uh, column B, uh, these are the days. So September 2nd, 2025, we have the 70.2 C on the 10 30 and then the 30, then the seven 30, then three days later, the 10 seven, then January. These actually aren't in exact order, but you can see. So starting last year, the most extreme market base, this, what is full market based on the 10 30. The 20 30 is liquid enough. The 10 30 is to get mortgages. The 20 is 10 30 started flattening. And now where are we? 526. So we're, uh, 17.6 flat. Do I think we've got to invert? Of course I did. But if you add up all of the curves, uh, or I should say the apertures of the momentum of the curve, the 50 to 200, we've got a one 18 on a two three, that's a policy. The two five is 1.2, but the two seven is now down to 0.4. It was, it was one last week at the beginning of last week. And, and then, um, it's looking like next week or possibly, um, early. The second was the first week of June, the second, the second week. So next week is the first week of June. Um, and the week after this, so probably the first week of June, maybe the second, and then there'll be less too. And it's not in this, but I'm starting to do the weekly because the, uh, the daily is just so anemic. Okay. Let's go over the charts. Okay. So you can look in, um, in the age 19 and that's the total. If you go look in L K you'll see what the, um, what the prior levels were. So we went from 11th floor to 10 to seven, five, oh, six, five, four, four, two, nine, uh, point seven, one, three, two, seven, four, two, negative four, two, negative five, five. Ah, so we did have one day where we scraped it and then we cleaned up to the low five, nine, seven, six, 11, three, 13, eight, 15, eight, 18, two. So just in these, uh, 15, uh, 18 days, 18 days, we've lost 30. That's negative inflation. Negative degradation. Okay. So that's what lifts volatilities. Look at silver balls, gold, oil. It's all sitting in SMH. People are sure involved to buy SMH. Do you think SMH is going to stay the same as expected daily return at these dollar values? So, NVIDIA divided by SMH is at a, um, um, is at a 27 month low and eventually that DRAM is going to be attractive on the funding side. Not yet. Okay. Swinging to the left, we have Ethereum plus Ethereum devolved minus 15. People say, well, why do you, no one's actually asking that, but I can imagine. Why do you say times 15? Well, if you look at Bitcoin and its volatility, they're pretty, uh, similar in the sense that the January, the July, uh, 23 low, you know, one was 25, the other one was 30, um, ish, as low as 31.41, but 35. You can't just have Ethereum make 2000 and then try to complement with a number that's 50, right? You have to kind of calibrate it. It doesn't have to be equal, but it's got to be so that, so we added multiply by 15 to, to bring it to a number. And when you look at that now, obviously, um, it's the low, if you look at it, you see the lowest monthly flows in, in years, since October, 2023. We're at 793,000 views, 26% to a million. And I'm a good tweet. And that was posted on the 17th of July. So I don't expect we're going to be able to get to a million with a junior, but we will see the, uh, the confluence of flattening curve model function and time. You know, obviously you have a million views. You're going to have a lot more people coming across that tweet and other tweets. Get ready for some Japanese intervention tomorrow or Monday. Because as I see it, what does it matter? It's like pushing broccoli. Okay. So what we have is three months and people have lost their patience. And if you can't hold, if I can't hold your attention for three months, in the middle of a war, how are you expecting to be a long-term investor? Like a Warren Buffett who's been sitting on cash for years and his cash balance grows as the valuation of the market becomes more insane. So I feel so badly for the people who are smart enough to subscribe, but impatient enough to, in some cases, unsubscribe and other cases, be rude and offensive. I don't know what their expectations were. Did they pay a hundred dollars a month for a year and turn that into a million dollars? Or, you know, you take one class in university, cost you $10,000 a semester, that would be eight years of subscribing. And is that going to help protect you? There's going to be one peak in the market and then one drop over the next 10 years. Does it make sense to say it didn't happen yet? It's my fault. That's what some people think. And I feel badly for them. I feel so badly for them. I wasn't able to explain to them the most important thing in investing. It's patience, it's calibration. You can think something is massively overvalued and you'll go bankrupt if you shop it too soon. People said, oh, war, semis, natural lower. Higher oil prices have hurt semis, higher XLE have hurt SMA. And they brought you over. Volatility seems to be the containment and it's gone. I don't know how to stop this thing. It keeps on sending up growth. I don't know why. Maybe later it will fix itself up. So, the dollar is down two cents now, even with the lower rates. Bitcoin's at 73. That's below last year's low. When we take out, in my opinion, 59, it's going to be another unsuccessful long wave of the people saying it's a logical place to DC8. These people are disgusting. 1.10881, we're, you know, seven tenths away from, or eight tenths away from the 1.10 handle. 1.8, 1.6 percent away from 109.99. Strategy down to 148.97. Uh, we're back at the breakout from April 15th. Okay. Uh, I just, I just moved her people. Okay. Okay. Now these are up 14K. So, I've dropped down. Oh, boy. Three and a quarter. So, the dollar is basically flattish. So, okay, let's check out Megalomania. Okay. Literally 1,100. What do you know? As you all know, I'm bullish, really. Um, let's check, uh, all-time mostly closing high, and a weekly closing high. Okay. So, let's get back to, uh, let's do the Ethereum, uh, the dollar, it's up there, you know, Robin Brooks says oil going down means the dollar goes down. That's only one factor, and it's consistently been wrong lately, or for years, simply. Randomly. Okay, look at the, uh, the death cross. On the weekly, it's 6, 6,400 below on, um, Bitcoin closed, uh, these all. And when we go into a death cross, that's kind of the observer for, um, the light part, the information part. That's all compression, then expansion. Looks terrible. Um, what else? Uh, oh, gold, uh, gold, uh, down to last year's level, silver, not much below the last year's level. All right, does anyone have any questions, thoughts? What are we seeing in the curve? Um, we've got, uh, one and a half basis points of flattening. Folks, do you know how a clock works? Clockwise is a flattening of the curve, or an orthogonal acceleration around a circle. How much more can you flatten before the flattening actually causes a breakout? Remember, a 4.858 is the more low, the close more low. You don't, you don't want that not working out. Anyway, so excited. We're getting closer. I feel so badly for the people who felt that after $300 of trying to learn in the middle of a war, they weren't making the free money. Not about making free money, but understanding we're going to have one peak and one drop in the next 30 years, and they can't afford to invest any time. It's going to change their lives. Imagine being able to buy at the, at the low, the dot-com low in 2002, or, and that was 800 of them, as I recall, in 2018, six years later. And then when you had that, the whole thing closes. So I feel bad for people. Don't let that be you. Oh, and the Japanese 40-year, they're not calibrating it right. It's, it's 4.085. So I think people are going to just move some semi-money into Microsoft. So I'm not comfortable. You know, the bigger valuations, Nvidia, Apple, Google now, they keep on track of the funding side. I don't think they will go. Anyway, last chance for questions before we head out. Going to feed the dog. Going once, going thrice. Okay, everyone, we got, we have no interest in a conversation. So, I mean, no one wants to ask questions. So we're gonna, we'll be back. We'll be back tomorrow. 80% of the time. Maybe later today. Who knows? We got a lot going on. Okay. Thanks. Watch these rates. It's very interesting.