The market is suffering a severe case of cognitive dissonance this morning: US futures are surging on NVIDIA earnings, while global sentiment tanks. We dissect the signal from the noise and pinpoint the critical levels that matter as the Fed Put is put on trial.

### Today's Actionable Alpha:

* **NVIDIA Euphoria:** The defiant earnings that sparked a massive Nasdaq short squeeze and temporarily negated the 'AI bubble' fear.

* **The Global Selloff:** Why the deep, coordinated collapse across Asian and European indices confirms institutional de-risking and structural weakness.

* **The Yield Paradox:** US Treasury yields are stubbornly robust despite the confirmed easing cycle, threatening to slow the market’s enthusiasm for cheaper capital.

* **Critical Data Fuses:** The 8:30 AM ET US Real Earnings release is the ultimate referee for the session, determining the Fed's credibility and the direction of rates.

* **The Rotation Trade:** Identifying where professional capital is flowing—out of high-growth tech and into defensive, rate-sensitive sectors.

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