The Market Today
Broad risk-off tone with crypto leading the decline. Bitcoin (BTC) is trading at $79,134, down 1.4% on the day after briefly tagging $80,120 in early trading, the psychological $80K level has been a battleground all month. Ethereum slid 2.5%, Solana dropped 2.6%, and Sui collapsed 10.3%. Equities held relatively firm: QQQ trades at $711, near the all-time highs it printed this week on Trump-Xi summit euphoria. The macro villain today is the bond market, Treasury yields are surging after PPI came in at +6.0% YoY (vs. 4.9% expected) and CPI at +3.8%, forcing rate-hike repricing. Markets now put better-than-1-in-3 odds on a hike by end of 2026. Kevin Warsh was confirmed as Fed Chair by the Senate, the irony: the man Trump picked to cut rates may find himself hiking them. Oil sits at $102, 111/bbl as Iran continues choking Hormuz flows.
What I Learned From Yesterday
No exits yesterday. All five positions held through a quiet session. Nothing to post-mortem, the patience play continues.