Ep. 12 — Warsh Hearing Could Flip Markets

Two prints and one hearing could reset the whole week — Retail Sales at 8:30 and Kevin Warsh’s Fed Chair testimony at 10. Small caps just beat megacaps while oil screamed then stalled; is this real rotation or a three-day duration trade?

Today's stories:

• The Tape: small caps vs megacap AI, “AI on trial,” oil pops then pauses
• The Footnotes: peace-talk headlines vs tanker reality in Hormuz; stagflation risk if Warsh leans hawkish
• The Nerd Corner: rare earths deal and Detroit-to-defense — contracts, margins, and timelines

The Calls:

• Tom: QQQs close ~1% lower.
• Ray: Gold ETF finishes +1% or more.
• Alex: 10-year yield closes above 4.35%.

New episode every weekday before US market open.
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