Record Highs as Tech Triumphs

Rallies in Palantir, Lam Research, and our old favorite Texas Pacific Land have us looking for more opportunity.

Action to Take: Trump's latest tariff threats have Europe on edge, with futures sliding and markets showing signs of fatigue. Bonds are under pressure as investors brace for the potential of massive European defense spending.

For now, the technical picture hasn’t changed. Maintain tactical positioning and trust our signals. We need a concerted push from all indices to feel comfortable that this market has legs. Otherwise, we're just chasing our tail. We’ll see if today’s release of last month’s Fed minutes at 2 pm ET does anything to shift sentiment.

If you haven't already, check out yesterday's Postcards on Capital Wave cycles and how legends like Druckenmiller navigate these markets. Understanding your place in the Capital Wave is more important than ever. Get ahead of where the money is flowing and you’ll never need to chase it.

Market outlook:

• Futures Lower: S&P -20bps, Nasdaq -18bps, Russell -66bps

• Trump signals 25% tariffs on autos, chips, and pharma by April; EU officials rush to Wa…