"Take a look at December Crude"

1. Economic confidence. Gallup’s Economic Confidence Index is at the lowest since Nov'23. Close to half of US adults view current economic conditions as "poor" and 73% anticipate they will get worse. Just 33% think it's a good time to find a quality job, matching the weakest reading since the pandemic.

2. December Crude. "Take a look at December Crude. The price structure here does not suggest the uptrend is over. If anything, this looks more like a continuation pattern, a pause before the wave higher."

3. Meme stocks. "Crowding in Meme stocks has jumped sharply, lifted by April's High Beta chase amid hopes of a ceasefire. This activity is just shy of the extremes from the post-Liberation Day chase."

4. NAAIM Exposure Index. Active managers rushed back into US equities over the past week, causing the NAAIM Exposure Index to rise by the most since Aug'25.

5. Global semis billings. "The [Semiconductor Industry Association] projects that the industry is on track to exceed $1 trillion in billings for the first time in 2026."

ICYMI