Season Two is Off the Hook Already

The 10-year pushes to 4.7%, energy stocks remain strong, inflows remain weak

Action to Take: The market tipped its hand Tuesday when institutions used Nvidia's CES announcements as a chance to sell rather than buy – never an encouraging sign. We highlighted Nvidia as one to watch in the premarket because major product news at CES can send the stock surging. Instead, institutions headed for the exits. With Treasury yields pushing higher and more pressure likely ahead of Friday's jobs report and next week's CPI, we're back in cautious territory.

Remember, market bottoms form when three key signals align – stronger liquidity conditions, returning institutional flows, and a surge in insider buying. Past signals like October 2018 and March 2009 worked because all these pieces came together, not just one or two. Stay patient until these conditions line up.

The past few days feel like déjà vu from Trump's first term, with morning headlines about potential tariffs sparking market swings. The pattern is all too familiar, with President Trump often talking down markets, l…