Given the big moves in the precious metals today I am going to be just posting my charts, which I keep updated anyway.

The risks in the market for equities are significantly mispriced.

The correction we just saw was more of a symptom. It does not qualify for the first step in any kind of a market break or a crash sequence.

It was a reaction to Donnie making retaliatory tariff threats against China, which he quickly walked back, as he is often wont to do.  

He tosses things of the top of his head quite often, in case you have not noticed.  

But consider this a taste of what will happen in the event of a financial or geopolitical shock of consequence. 

Have a pleasant evening. 

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