Stocks were soaring overnight, as a judge struck down the legitimacy of the Trump tariffs declared 'in a state of emergency'.

Gold and silver were smashed.

But like so many things these days, none of this was real.  

Don't blame them, they say. Hate the game, not the players. Who run the game. 

Stocks finished unchanged to lower.

Gold and silver came back from fairly impressive losses overnight to finish in the green. 

Another opportunity to gather more for themselves.

But the VIX is still mispricing the risks of a recession, which now almost looks to be inevitable.

Have a pleasant evening. 

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