1. Re-Sending this Chart …Tracking Seasonality
2. 100-Year Trend Chart from Ned Davis…We Are Out of the Box Above Trend
NDR
3. Equal Weight S&P Has Outperformed in 2026….Closes Below 50day
Stockcharts
4. Commodities Ratio to S&P 500
US Funds
5. NVDA is Financing the Buildout It Supplies
Critics are correct to call out that Nvidia is financing the buildout it supplies.
It issued $25 billion of bonds in June and returned $25.8 billion to shareholders, against $21.4 billion of free cash flow.
Demand is not the question. Nvidia has moved its customers’ financing risk onto its own balance sheet, and receivables now tell you more about the AI trade than revenue does.
ProCap Insights
6. Brookfield Private/Alts Manager that was Holding Up Well…Broke Trendline Going Back to Mid-2022
Stockcharts
7. TLT is ETF for 20-Year Treasury Bond
Barchart
8. Average Hourly Earnings Fall Back to 15-Year Trendline
9. Mid-Term Election Money…..Crypto PAC $137m and AI PAC $140m
Perplexity
10. Patterns of Unhappy People-Shane Parish
Patterns of unhappy people:
– Need social approval
– Are reliably unreliable
– Feel sorry for themselves
– Choose comfort over truth
– Refuse to learn from others
– Spend more than they make
– Use chemicals to alter mood
– Make everything about them
– Resent the success of others
– Confuse motion with progress
– Confuse cynicism with intelligence
– Promiscuous with their attention
– Always in love with their first idea
– Are always too smart to look stupid
– Need to learn everything from mistakes
– Build a life that looks better than it feels
– Protect their potential by never testing it
– Stay loyal to decisions that no longer make sense
– Win arguments at the expense of the relationships
– Standards for others and explanations for themselves
Not a good place to be.