Good morning all.
Hope the week is going well so far and everyone is hanging in there.
Some great content this week.
Trump is set to make another major announcement at 3:00 p.m. ET in Washington. Bulls are praying it saves us from this recent downtrend while bears want continued tariff chaos and disarray. Could be negative news on China or it could be a curveball like a Strategic Bitcoin Reserve.
Nobody knows.
Short term there’s a significant amount of noise and BS. I wouldn’t be in a rush to do anything drastic without some more clarity following the Fed Meeting.
Today we’ll go over markets news and a quick run down of the world’s top themes and stories this week.
if you missed Tuesday’s post you can find it below. We cover my thoughts on what 2026 holds for us, crypto and markets direction, as well as some societal themes you’re going to want to keep an eye on.
Equities
Equities are hanging near record highs, with the S&P grinding sideways into the next Fed meeting. Under the surface, breadth seems to be thinning a bit.
The setup is simple as of now, investors are convinced the Fed will keep easing after September’s 25bps cut, but Powell’s tone next week will decide whether that faith holds.
Inflation has cooled, but not convincingly enough for the Fed to declare any sort of victory, and every payroll or CPI print between now and year-end carries weight (though people will be skeptical of the actual data accuracy).
General food for thought and this is not rocket science. If you are bullish on upcoming rate cuts and the Fed pivot, NOW is likely the time to start adding. Don’t wait until we are much higher or until that news is confirmed.
This of course is not formal financial advice but too many times do people DM or message me asking if it’s too late to buy etc. By the time the “coast is all clear” and it’s a no brainer to buy into momentum, you’re likely already too late.
At a super high level the most likely outcome in my opinion is a pump from November through early 2026 for equities but more so for crypto.
Names I am adding on the dip on the equity side include SMCI 0.00%↑ and BBAI 0.00%↑
“America’s Golden Age is underway, and the best is yet to come.”
—Treasury Secretary Bessent
Quantum Stocks Soar On Rumors
The new short term meta has pivoted once again, this time overnight.
Quantum computing stocks had a vertical surge this week after reports that the Trump administration is considering taking direct equity stakes in several U.S. firms tied to the space — names like IonQ IONQ 0.00%↑ , Rigetti RGTI 0.00%↑ , D-Wave QBTS 0.00%↑ , and Quantum Computing Inc. QUBT 0.00%↑.
A rep from U.S. Commerce said this morning they’re not in talks right now.
This move would signal a major shift in tone, Washington now may see quantum as a strategic technology worth backing, not just studying or speculating on.
Quantum sits at the intersection of defense, intelligence, and computational power (all themes we are bullish on) the kind of frontier tech the next administration clearly wants under an American umbrella.
The rally was sharp Monday into Tuesday morning, but underneath the hype worth recognizing most of these companies still generate minimal revenue and remain years from commercial scale. We will see if the surge is as short lived as the metals/minerals plays.
I am a bit behind the ball on Quantum but might add some ETFs this week.
Probably worth being a bit cautious as this media coverage seems eerily similar to the rare minerals coverage we got 3 or 4 days before the recent pullback.
JPM New Office
JPMorgan just cut the ribbon on its new global headquarters at 270 Park Avenue, a 60-story, all-electric skyscraper that now stands as the most expensive office tower ever built in New York City.
The $3 billion project consolidates more than 10,000 employees under one roof and marks a bold, almost defiant bet (given the current climate) on the future of Manhattan.
While most of corporate America continues trimming their real-estate footprints or flirting with hybrid work models post Covid, Jamie Dimon went the other way, building a literal monument to the permanence of the bank and the city it helped define.
Designed by Foster + Partners, the building runs entirely on renewable energy, packs in 19 slutty lunch restaurants, and even features a smart coffee-ordering app for employees.
If you’re going to go the corporate route in your 20’s or early 30’s might as well do it in style, JP Morgan is looking to set the corporate standard in NYC for the next 20 years and more.
Market Updates
A size lord worthy $7.5 Trillion is now sitting in money market funds, a new all-time high, not really things you see at the top (BarChart)
JP Morgan releases new report stating gold prices could exceed $8,000/oz by 2028 (Kobeissi Letter). They also expect the Federal Reserve to end quantitative tightening by next week
Eric Trump said this week Bitcoin is going to $200,000 this year
Hyperliquid Strategies Inc. files S-1 with SEC to raise up to $1B through a 160M share offering (CoinTelegraph)
Peter Schiff challenged Binance Founder CZ to a Bitcoin versus Gold debate this week (WatcherGuru)
The global hedge-fund industry has reached a record $5 trillion in total asset value (CryptoPolitan)
Standard Chartered said this week, “sell gold, buy bitcoin” as rotations could be starting (Bitcoin Magazine)
BREAKING: as of about 11:20 am ET - President Trump has pardoned Binance founder CZ.
Commentary on Crypto + Market Updates
This is the part of the crypto “cycle” where you see many people saying it is all over. The sentiment gets very bad, retail is virtually non existent, and even high profile influencers and twitter/x figureheads start posting that we just saw the top.
I am firmly in the camp that believes none of this is true.
Having been in crypto for 7+ years, I know an extended range - “get people to sell” chop period when I see one and that’s what I suspect this is.
It’s meant to bore you. The small spurts higher followed by immediate pullbacks demoralize even seasoned traders and investors. It may not be “by design” but that is one of it’s side effects.
With the slew of institutional adoption, hype, and interest this “cycle” we were sure to get a handful of people with skepticism on crypto and where it’s headed.
Tucker Carlson at a recent conference said he will not invest in Bitcoin because he “believes the CIA created it”. While the monkey part of my brain is always thinking about the .01% chance Bitcoin is a psy op, I don’t really buy this lol.
The institutional bulls far outnumber bears at the moment.
Mike Novogratz is one of those people who is optimistically bullish.
I think he put the situation well recently on CNBC:
“Bitcoin got to $125,000 then we had a good consolidation….. the liquidation we saw weeks ago is not good for them market, it wiped retail leveraged, hurt some market makers…. it will take some time to recover but I don’t think anything fundamentally has changed in the crypto story… as long as the debasement of fiat currency continues, it looks good”
Re: debasement. Novogratz is right on point. US national debt reached a new all-time high of $38 trillion this week lol.
If you’re bearish on the dollar and you understand the Fed’s likely to just continue printing, Bitcoin is one of the few ways to preserve your wealth and purchasing power in the coming years.
For ETH and alts to fly we will need rate cuts, retail attention, and an injection of liquidity (which all appear likely in the next 45 days).
Geopolitics & Global News
Oil is having an interesting week so far.
It’s not just another commodity right now, it’s a geopolitical barometer that tells us a bit about what’s happening between the world’s major superpowers (and where we might be in 2026).
Markets are at the crossroads where supply-side shocks (from new sanctions and production moves) collide with demand concerns as global growth softens.
This week brought a perfect storm of themes including a surge in crude prices after fresh U.S. sanctions on Russian oil giants, signs of a renewed supply scare even as long-term demand remains uncertain, and production decisions from major oil-producers that hint at caution over an impending glut.
The Trump administration is continuing strikes in the Caribbean and LATAM on narco drug vessels, much to the outrage of Democrats and human right’s organizations.
Nicolas Maduro said this week Venezuela has 5,000 Russian anti-aircraft missiles to counter US
Chinese state oil majors suspended seaborne Russian oil purchases due to concerns about Western sanctions, per (WSJ/Unusual Whales)
CA Governor Gavin Newsom says if Trump sends troops to San Francisco he will sue
A semi-truck driver arrested for driving under the influence following a deadly crash on the 10 Freeway in Ontario, CA on Tuesday is in the United States illegally (CBSNews)
Japan’s political landscape flipped overnight after female conservative hardliner Sanae Takaichi pulled off a surprise win, sending the yen sliding and bond yields ripping higher
Relations between Washington and Bogotá hit a new low after Trump branded Colombian President Gustavo Petro a “narco-leader” and threatened punitive trade action
Fighting between Pakistani and Afghan forces escalated sharply this week, with both sides trading fire and claiming major casualties along the Durand Line.
A Swedish court has ruled that the Eritrean migrant who raped 16-year-old Meya Åberg won’t be deported because the rape “didn’t last long enough”. No that’s not a satirical headline. Absolutely vile. (Visegrad 24)
Canal Street ICE Drama
Ever been to Canal Street in Manhattan? Perhaps you went as a young lad seeking a solid knock off Rolex, like I did when I was 18. Maybe you’re a Connecticut transplant who needs a fake Birkin bag to fit in at the country club. Regardless, Canal Street has long been a pretty iconic part of New York City.
It changed drastically though. I walked through on the way to my buddies in FiDi early this year and I was utterly shocked at how bad it had gotten since I went in 2017. Hordes of military aged males from Africa and the Middle East staring people down, fighting with each other, yelling at cops, or blocking the sidewalk. I shit you not as I was walking through I watched a guy run from cops and watched another horde of foreigners yell that one of them had a gun.
Not a good environment at all, and a stark contrast to older Asian men selling fake luxury watches and handbags to willing tourists lol. I think I got a fake Submariner in when I was 17 for like $50 bucks.
Turns out many of these guys were illegal immigrants from Senegal, Guinea, and other African countries.
The woman below on X went on an Anti ICE rant after the agency cleaned up Canal Street recently.
She goes on to say:
I’ve pushed a double-sized stroller through the market and peak hours and it’s not a big deal. I think we can all agree this sucks and that, on principle, some chopped right-wing egirl who literally lives in Texas should not get to tell us how to run the city.
Pushing your kids through a sketchy area for virtue political points!
Incredible. Especially after ICE confirmed the following:
9 illegal aliens arrested have violent rap sheets including robbery, burglary, domestic violence, assaulting law enforcement, counterfeiting, drug trafficking, drug possession, and forgery.
This debate just shows the growing divide between the left and right’s “reality” I talk about. It is the new norm. You really have to admire the left’s ability to virtue signal and defend lawlessness and criminals.
It’s truly insane.
Some of the footage in the aftermath of the raid is pretty wild. ICE and HSI agents had to Black Hawk Down - style hump it out of Canal Street to the Federal Court Building, the whole time being harassed and followed by a mob.
To cap it all off NYPD had to grace us with their virtue signal disclaimer, tweeting:
The NYPD had no involvement in the federal operation that took place on Canal Street this afternoon.
Thanks guys we know you don’t enforce the law.
This was likely just to set the tone for the arrival of Mamdani.
If you’re in NYC you better brace yourself for what’s coming if that man wins.
That’s all for this morning lords.
Depending on market action today will put out a new Episode of Risk On and another update tomorrow morning for paid subs. I am overdue for some heavy instagram posting as well, so be on the lookout for some new memes.
Talk soon and see you guys on X and the Discord channel.
Andy
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Disclaimer - I am a former trader, enterprise sales rep, and current entrepreneur with a monkey brain. Nothing I say should be considered formal financial advice or life advice, these are my opinions - always do your own research and diligence before
I was in NYC for two weeks this summer. Stayed at the Ritz Carlton NoMad. Corner had large groups of Africans with scooters waiting for delivery orders, but most seemed to just be hanging out all day. Canal St was shocking; I thought I stepped into a third world. Cops talking to people. Right outside NYU during rush hour, a group of four black teens pretended to bodycheck me then walked away snickering. Oh, and the city smells like piss and weed.
Any quantum ETF names to highlight?