Arguments to be bullish-
1)Positive Momentum
2)AI Optimism and Data Center Cap Ex Spend
3)Rate Cut Expectations

Arguments to be bearish-
1)Ultra Mega Cap Valuation Concerns
2)Government shutdown
3)Tariff and Raw material uncertainty
4)Recession risk from slowing Global Growth

I remain cautiously optimistic regarding demand signals. Market participants continue to reward companies on future promises of top-line expansion from the inclusion of AI in business operations. Corporate leadership consistently point to the cap ex dedicated to AI and its future rewards. These upcoming earnings calls will be heavily scrutinized as at some point market participants will require promises to materialize on financial statements through margin expansion and increased profitability.

As paraphrased by my favorite financial presenter, Tom Keene of Bloomberg Radio, it’s not the prices of assets that spook investors, but rather the rate of change.

Every day during the trading week, Mr. Keene’s “good morning, good morning, good morning” at 7:00 a.m. serves as a personal point of focus. It offers an opportunity to listen to a well-respected market observer and commentator who is hyperattentive towards the pedigree of the market participants in discussion and focuses on the whispers rather than the noise of the crowd. By blending economics, investment, finance, and most importantly, international relations, Mr. Keene’s observations of the market are pretty insightful and informative. What started as an opportunity to learn the English language evolved into a habit, as behind the curtain of market analysis and news, was a well-informed market education.