KSA - BoP stress rising ♨️ Saudi 5yr CDS begin to price rising Balance of Payments stress (black line). Fwd indicator (red line) foreshadows a step-up to 90bps (71 last) in short order. FV well >100 likely reflects reality. KSA NIIP w/ USA = ~$1/2 Trillion. Another $1/2T in gold (official). The liquid means for KSA to buttress BoP hemorrhaging = liquidation of US stocks, bonds, & gold. $SP500 last = 7,690 $Gold spot = 4,139. 10yr UST = 5.13%

Round-Trip ticket - $SOXL 🛝 $20 billion has been driven into 3x Semi ETF. Behind only QQQ and SPY, SOXL rules the daily degen turnover derby. 125dma has provided support throughout the post-Tariff Tantrum crash'ette (rebound) of 2025. Five (5) distinct intermediate saves. TODAY, this adaptive support was severed. Opens the gate to fill opening gap of APR 8 2026, a full ~50% below current levels. Few will survive this pattern.

Digital Assets, An Observation 🧐 CME Bitcoin NET Commercials less NET Speculators differential now at a record since inception of BTC futures contract inception in 4Q 2017 (green histogram). Commercials began heavy accumulation < 70K in FEB and keep accumulating. Extraordinary intermediate-term directional track record. let us watch. $BTC 63,266 last

ALL-IN 📸 Total $US Market Cap = 77.30 Trillion (~2.49 x US GDP)

Goldman Sachs Bull-Bear gauge 🔍 Divergence now running ~27months. Appears to be turning lower, NOW. Immense implications for top-line US stock indexes, if correlation reverts. #NQ1, 29777 #MAGS 66.08

Digital Assets, Full Circle ⭕️ Total Digital Asset Market Cap Vs. World Semiconductor Market Cap: -88% over five (5) years. Two equidistant 75% drawdown waves (A + C) from peak to Today. Round-Trip to MAR 2020 secular nadir. Perhaps, the digital asset PIVOT occurs when the Semiconductor Mania Peaks. BTC: 64,878 SOX: 13,916 #mstr #bitcoin

Manifestation of Mania, 2 🎲 SOX: Monthly Sharpe Ratio of 4.33, 1yr lookback. Mathematical Rarity. If, this Cap-Weighted Semiconductor closes at current levels at month-end, will print> 5. Casino Royale.

SP500, ~26year Round-Trip ⭕️ Dividend Yield ~1.05% SP500, 7365 last

Manifestation of Mania = SOXL ✴️ (3x SOX-Semiconductor ETF) +259% over 25 trade days, or 39,386,822%/annum. 8 gaps opened over this period. +193% gap to 200day SMA. Underlying RSI APR 24 2026 > MAR 10 2000, Record. 5th wave extension, final strokes of structure born on APR 4 2025. Currently RSI diverging from vertical Px. Waiting on gravity as was the JAN 29 2026 silver phenomenon. $SOXL, 146.44 $SOX, 11,033

The most extreme underling index level fragility, on record - at today's closing print. [.REDZ = custom index formulation inclusive of SP500 index and member volatility and skew.] JUN SP500: 7,211 JUN NDX100: 27,451

Trump: The whole world has become somewhat of a casino. 🎲 ⚰️ Couple of thoughts. 1/ The first words of Truth I hear from his mouth in some time. 2/ World is in trouble considering how many casinos he's bankrupted.

Central Banks Turn Sellers of GOLD 🌀 *TURKEY MULLS TAPPING $135 BILLION GOLD RESERVE FOR LIRA DEFENSE TCMB joins recent statements from Poland and Russia, selling gold to fund sovereign operations/spending. spot $XAU, 4358

*TRUMP ON IRAN STRIKE IMPACT ON OIL PRICES: NOT CONCERNED translation: there will be pain. DEC CO/CL, +5.03 last JUN CL, 66.72 last

Friday Night Lights 🔦 *BLACKROCK PRIVATE DEBT FUND EXPECTS 19% NET ASSET VALUE CUT ~$3.5 - 4.0 Trillion of private credit debt collateral outstanding. Such credit underpins ~$20 Trillion of Private Equity.

Cross-asset market signal. Pain will be required. *BESSENT: VOTERS MANDATED TRUMP TO MAKE AMERICA AFFORDABLE AGAIN ESz5, 6866 NVDA, 192.33

SKEW >> Envy writ large. SP500 member volatility less index level volatility; 3day MA ~25.08 *record reach* as MAG7 results season kicks off. sp500@6888