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

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It has now been over a month that SPX has traded within 2.5% of its former all-time highs. That’s over a month of flip-flopping, ignoring fundamentals, and pretending that tariffs won’t make any difference,

continued for members…

I’m sitting in a little hut high in the Swiss mountains, far removed from all that matters, and it seems to me that the markets are in the same boat. Nothing seems to matter.

In fact, nothing has changed in the past week other than speculation on whether or not we get a backtest of SPX 6147.43. Between VIX’s ability to breakdown and USDJPY’s ability to rally, i’m not sure we will.

GLTA.