Market Briefing For Tuesday, May 26

Strength into a 'holiday weekend' normally implies investors expect further upside in the forthcoming 4-day shortened trading week. And it's quite possible we get that; especially in a few new-era and quantum tickers.

Of course what happens with regard to Iran can certainly make a difference at any point; although there's no indication that President Trump is pressing for a pre-weekend answer (and you never know if that's a ploy before we attack, or just giving more time) He was pressed by both the Saudis and UAE to delay a stronger response; and there is a report of a Pakistani negotiator shuttling into Iran with some pressure to finesse a deal; so perhaps something's happening.

Meanwhile as mentioned this is just a brief pre-weekend comment, with a few embedded remarks in graphics. The main point is that investors don't usually focus on stocks in the last couple hours of such a Friday; especially as Iranian tension remains; hence they expect higher prices.

I've mentioned before that 'normally' (and this can be sort of normal aside war and inflationary implications that are indeed temporary to some degree we're presuming) you get better prices in June after rough corrective May behavior; and this is sort of adhering to that. Even the mediocre guidance from Nvidia was absorbed and didn't impeded others from moving; as we also suspected.

Market X-ray: 'tension on the tape' appears from time-to-time intraday; but has not been capable of breaking much of anything we watch; and after the close Friday there's another interview with the Unusual Machines CEO (I'll try to watch the start over the weekend; caught some of the Q&A very nicely put together on 'X'); though plans have me trying to disengage entirely from stocks until Tuesday... it's in my interest to avoid stock chatter as much as feasible.. perhaps for you too!).

We have the new Fed Chairman; we likely have a broadening-out scenario of this market in June (and maybe into early July); provided no more shocks; or if there is a stunning event (like ramping-up the war) that it resolves favorably and swiftly, which while uncomfortable during conflict, would be constructive in a macro sense beyond knee-jerk swings. However less reliable, even just a 'deal' would be well-received by markets; although probably not best for the Middle East, even as some of the regional players (Gulf States not just Israel) tend to flip-flop over their view of the situation's best ways to stabilize things.

NOTE that the President said events require his return to Washington after a speech in New York; and couldn't attend Don Jr.'s wedding. That's all confusing since he was confirming Fed Chairman Warsh in the East Wing; then speech and also it turns out that Junior got married 'yesterday' privately; not today or tomorrow. So what's up along with a cancelled 'golfing round' in New Jersey? Probably Iran and some last-ditch negotiations.. or war resumes this weekend ... I don't know. This is entirely speculation; but he has changed his schedule.