Futures Fireworks

Well, stick a feather in my cap and call me Macaroni: I had no idea that futures would be trading overnight and into today. How about that? In any case, since Trump can't seem to leave well enough alone, he decided to muse aloud about trade and tariffs, which pretty much undid any boost on the /ES futures the Big Beautiful Bill yielded on Thursday.

The /RTY didn't just lose its spike but fell well below it, which was particularly big given the instant squeeze produced when the jobs report first came out.

Thus, equities are red across the board. Palladium did its typical nighttime sell-off, but it shook it off to close basically unchanged. More importantly, over the course of the week, /PA has hammered out a series of higher lows, which hopefully suggests a buildup of strength.

Fear, of course, has left the building. Ever since Trump office, the VIX has established a lower boundary of around 15, which is where we were at the close of regular trading. Why people would be snatching up stocks at lifetime highs with widespread, raging bullish sentiment is truly beyond me.

My long in palladium notwithstanding, I remain cautiously short with a mere twelve positions and a very modest commitment level of 40%.