As a reminder, I will be posting only weekly from July 9 through August 6.

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The meltup continues, driven by resolution of the trade negotiations with Japan and the Philippines. While a 15% tariff is lower than was threatened, it will still lead to diminished profits and/or higher prices – risks which are both being ignored by algos.

Oh, and meme stocks are back.

continued for members...

The biggest change from last week is that VIX is more clearly breaking down.