3 of 5 thoughts for the weekend For the first time in years, quarterly EPS estimates are rising.

4 of 5 thoughts for the weekend OTOH $NYSI is breaking down

5 of 5 thoughts for the weekend In the absence of a September #NFP report, the Chicago Fed Labor Market Indicators is calling for a steady September unemployment rate with an upward distribution skew. buff.ly/cQsMC0A

$IWM inverse H&S objective achieved

If the economy naturally rebounds next year, why does Miran think the Fed needs to cut 1.25% by year-end?

Miran's appointment to the Fed shows Trump's attempt to sway policy, risking a shift to politically driven and inflexible monetary decisions. skr.ma/jjgQ2

Despite high valuations and excessive equity allocations, there are no immediate signs of a U.S. stock market peak, though the market is extended and a correction could happen at any time. skr.ma/JxYWf

(New post) It's a little too quiet out there #sentiment buff.ly/VCuii7H

It's a little too quiet out there #sentiment buff.ly/VCuii7H

1 of 5 thoughts for the weekend Tariff Man tape bomb broke a lot of rising trend lines, all except for $COMPQ $SPX $SPXEW $IWM $RUT

2 of 5 thoughts for the weekend Relative breadth of $NDX $QQQ are holding up remarkably well.

3 of 5 thoughts for the weekend Snall caps especially vulnerable: $IWM break up from an IHS and achieved its measured objective of ~248. Severe negative divergence in A-D Line. Breach of the dotted rising trend line especially worrying.

4 of 5 thoughts for the weekend $SPX facing liquidity headwinds.

5 of 5 thoughts for the weekend Not to be all bearish, all the time. Q3 earnings season starting with forward 12m EPS estimates rising. #FundamentalMomentum

(New post) The AI bubble debate buff.ly/CdStstu

(New post) The return of Tariff Man buff.ly/2mpmmz4

The AI industry is probably in a bubble. Much depends on what stage we are in the bubble. We see conflicting signs from M&A deals and earnings reports shaping its future. skr.ma/LYKt4

The U.S. equity market is expected to pull back due to President Trump's tariff threats on China. Our base case calls for a 5-10% pullback, which presents a buying opportunity for investors. skr.ma/VfHI9

The AI bubble debate buff.ly/CdStstu