Greetings from the Side of a Road

Gold continues breaking out... but the S&P 500 is kicking lower. Beware bull traps.

Market outlook:

• Global bond yields climb as Germany moves toward major fiscal expansion

• Oil climbs for a third day as Middle East tensions fuel supply fears, driving traders into bullish call options—just a day after Goldman slashed its forecast

• Gold extends its rally past $3,032 as slowing growth and financial stress fuel demand

• Coal stocks gain attention after Trump announces plans to authorize expanded coal production; administration exploring emergency powers to reopen closed plants

• Fed Governor Bowman nominated as vice chair for supervision; bank stocks to benefit from the expectation of lighter regulatory touch

• Former Hindenburg Research team resurfaces as Morpheus Research with first short attack on Solaris Energy (SEI), causing company shares to plummet 17%

Dear Reader:

Good morning. I waited a little bit. This morning because the markets were selling off in the first few minutes. As I was on the way to Cooperstown with my daughter, we stopped to look at price action at exactly 10:15 …