May ended with fairly benign action - despite starting with 'non-tariff barrier' disputes with China (that the President minimized in his 'presser'), which was a bit of relief to markets. Plus it was a background of tamer circus-like antics politically as Trump played decently (key to The White House) to Elon Musk.

And with regard to efforts by certain short-sellers to impede favorable actions, it was likely Treasury Secretary Bessent again calming dealing with China.. unclear whether we'll get a new 'trade deal' by Monday; but you never know; as they stated 2 or 3 are very close to gelling; and even a deal with Iran. In plain language Trump said he thinks Iran prefers to deal, than to get bombed.

Investing sector analysis is terribly important here... because this is not a very attractive forward-looking market based on big-cap valuations; although, sure, a majority of us retain some big-caps (mostly Oil and major techs) typically in retirement accounts and placed there years ago without much disturbance. In forward assessments, it would take some real disruption to pry such securities out aside what (in retirement years) is required (some of us have more than a single retirement account; so if a conventional IRA; withdrawals are taxable).

No need to delve into much of what Dimon had to say; and no disagreement.

Market X-ray: this is still an AI (and to a degree Quantum Computing) focus; at the same time many formerly more speculative tickers are not so cheap now as when embraced originally back last year. And that doesn't mean their volatility is gone, as this past week showed; so while there's comfort from the shares being profitable; the requirement for their individual progress remains.

The new week is a full trading week, and 'might' be accompanied by progress on the trading front, and that's possibly the initial take on why we may see the perpetuation of high-range S&P behavior, and selected tickers doing better.

As for Friday I'll keep it brief, as feeling a bit tired (from some medications). In essence, typically volatile stocks eased during New York’s lunch hour and tried to rally after. Trump's relatively mild responses at the presser helped too.

Later in the day he 'again' raised Steel tariffs to 50%; unsure if it matters.

I suppose the after-market Steel decision matters; but you never know how it changes before Monday's opening. Trump said he will raise tariffs on steel to 50% from 25%, claiming such action will help protect U.S. steelworkers during a visit to a U.S. Steel (X) factory on Friday; so that makes it dubious.

POTUS was visiting the plant to champion the controversial tie-up between U.S. Steel & Nippon Steel (NISTF) as one that would ensure the American company continues to be U.S.-owned and operated. Maybe; as details on the pact are still scarce. Trump said the tariffs will benefit the new entity's U.S. operations.

Bottom line: Friday morning Treasury Secretary Bessent calmly stated China talks ‘stalled’; milder than Trump’s initially tougher ‘total violation tweet’, which was softened later, and might be a prelude to talking with China's Xi. Overall it remains ongoing geopolitical economic theater, but along the way at least Friday's inflation, PCE, sentiment number etc., were sufficiently constructive to take the edge off the sharper S&P decline earlier. And we recovered late.

Depending on weekend news, and early dips for Market Makers to position for intraweek rallies, we may get some upside next week; albeit tentative for now.

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