Tuesday edged higher as anticipated ahead of Nvidia results coming up Wednesday. They may be good and help the backdrop tone; although I won't be surprised if there's some 'good news selling' and of course more denials of my argument that ultimately the challenge comes from Quantum Computing (in our case holdings in D-Wave and Rigetti, which are largely retained after a year of excitement; and contemplating even higher with obvious variables).

Today the S&P's macro focus was largely on Trump vs the Fed after the US President announced he is firing the Fed's Cook, albeit she refused and will challenge the decision by Trump, while the Dollar faded a bit, and Treasury curve steepened on prospects of a more dovish Fed. Fine; satisfactory day.

Market X-ray: more upside and probably (ideally) slightly higher closes and more in the following day too; but let's see.

Bottom-line: our focus remains on new-era tickers; while not complaining at all if expensive behemoths hold-up or rally, because it helps the overall tone.

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