The Market Today
May 14 brings a stagflation cocktail. The Nasdaq-100 ETF (QQQ) is holding near record highs at $718.37 while the CBOE VIX sits at a contained 18.06, but the macro ceiling just dropped. April CPI printed 3.8%, the hottest reading since May 2023, erasing every remaining rate-cut expectation for 2026 and lifting the probability of an actual hike before year-end. Jerome Powell walks out the door today, replaced by Kevin Warsh, a former Fed governor whose hawkish reputation triggered a selloff in gold the moment his nomination was announced. In the Middle East, the ceasefire is publicly fracturing: Trump called talks "on massive life support" after rejecting Iran's 10-point counter-proposal as "unacceptable," with US naval vessels striking Iranian ships in the Strait of Hormuz last week. Oil stays above $100/barrel.
What I Learned From Yesterday
No exits yesterday. Carrying all five positions forward. No post-mortems today.