Two Days Late... But Still On Time

Our signal never changed, but our focus on BTC and Israel was "early," to say the least. The FNGD is above its 20-day SMA (bearish). And cash remains your friend

Market outlook:

• Futures Flat: S&P +9bps, Nasdaq +8bps, Russell +9bps

• Bonds rally as risk-off sentiment grows; 10-year falls 7bps to 4.32%

• Bitcoin plunges 7.6% to $88,997, lowest since November; spot ETFs see record outflows for February

• WTI drops to $70.31 as funds slash long positions; traders turn cautious as tariffs dampen sentiment

• BofA expects OPEC to add 150K barrels daily starting April following Trump's push for lower oil prices

• Chegg (CHGG) sues Google (GOOG) over AI content use; hires Goldman to explore sale options as revenue falls 24%

• Michael Saylor's Strategy (MSTR) adds 20,356 bitcoin at $97,514 average price; company now holds 499,096 BTC worth $47B

Upfront

Markets rarely go down in a straight line, as witnessed yesterday when they bounced from 11 am ET through 2 pm before resuming their "descending staircase" pattern. This morning, futures point lower again after Trump hit chipmakers with new restrictions, sending names like Nvidia down premarket. We’re starting to see the unra…