After a significant pullback, the S&P 500 has rebounded impressively, recovering 86% from its bottom and turning positive for the year with a 0.93% gain in less than 1.5 months—much faster than the historical average recovery time. All major indices posted strong gains last week, with NASDAQ leading at 7% and SPX up 5.3%, though VIX volatility increased following Moody's downgrade of the U.S. credit rating, which pushed bonds and equity futures lower while boosting gold.

E-mini S&Ps dropped 65 points, trading about 20 handles above session lows. NASDAQ fell 331 points while the Russell lost 30. Volatility ticked up modestly by 54 cents, a surprisingly small 2.75% move given market conditions.

Bonds continued their 10-day slide, dropping 118 ticks to 111.26, levels not seen since April. Bitcoin traded near the lower end of its recent range at approximately $103,000. Gold caught a bid, rising $57 (nearly 2%), while the Euro reversed recent weakness.

During Confirm and Send, Tom and Tony discussed the put-call ratio (symbol: $CPCE) as a contrarian indicator, noting its current reading of 0.54 suggests bullish sentiment despite today's selloff. They also previewed upcoming platform enhancements including Spot FX integration and addressed portfolio delta management for accounts of varying sizes.

E-mini S&Ps dropped 65 points, trading about 20 handles above session lows. NASDAQ fell 331 points while the Russell lost 30. Volatility ticked up modestly by 54 cents, a surprisingly small 2.75% move given market conditions.

Bonds continued their 10-day slide, dropping 118 ticks to 111.26, levels not seen since April. Bitcoin traded near the lower end of its recent range at approximately $103,000. Gold caught a bid, rising $57 (nearly 2%), while the Euro reversed recent weakness.

During Confirm and Send, Tom and Tony discussed the put-call ratio (symbol: $CPCE) as a contrarian indicator, noting its current reading of 0.54 suggests bullish sentiment despite today's selloff. They also previewed upcoming platform enhancements including Spot FX integration and addressed portfolio delta management for accounts of varying sizes.

The recent Moody's downgrade of U.S. credit has sent shockwaves through financial markets. Pete and Frank analyze the immediate impact on S&P futures, bond markets, and currency pairs, especially EUR/USD.

The recent Moody's downgrade of U.S. credit has sent shockwaves through financial markets. Pete and Frank analyze the immediate impact on S&P futures, bond markets, and currency pairs, especially EUR/USD.

Sunday's trading opened with significant downward pressure following Moody's downgrade of US debt, with S&P futures down 45 points, NASDAQ down 200, and the Dow down 300. Despite market concerns, several participants viewed the downgrade as largely symbolic rather than fundamentally significant.

Tom Sosnoff suggested bonds at the 112 level represented an interesting buying opportunity, noting that previous downgrades from other agencies ultimately had minimal long-term impact. He expressed bearish sentiment on several tech stocks that have seen substantial rallies, including NVIDIA, Netflix, Coinbase, and Palantir, viewing them as "rich" at current levels.

The panel agreed this week might start volatile following the downgrade news but could quiet down heading into the Memorial Day weekend. Sosnoff remains positioned long in UnitedHealth (UNH), viewing its recent pullback as overdone, while expressing interest in shorting gold at current levels.

Sunday's trading opened with significant downward pressure following Moody's downgrade of US debt, with S&P futures down 45 points, NASDAQ down 200, and the Dow down 300. Despite market concerns, several participants viewed the downgrade as largely symbolic rather than fundamentally significant.

Tom Sosnoff suggested bonds at the 112 level represented an interesting buying opportunity, noting that previous downgrades from other agencies ultimately had minimal long-term impact. He expressed bearish sentiment on several tech stocks that have seen substantial rallies, including NVIDIA, Netflix, Coinbase, and Palantir, viewing them as "rich" at current levels.

The panel agreed this week might start volatile following the downgrade news but could quiet down heading into the Memorial Day weekend. Sosnoff remains positioned long in UnitedHealth (UNH), viewing its recent pullback as overdone, while expressing interest in shorting gold at current levels.

Market Moves During Light Pre-Holiday Trading

Tom and Bat talk the close. UnitedHealth Group (UNH) rebounded strongly after yesterday's selloff, and Coinbase (COIN) also made significant gains. Broadcom (AVGO) dropped $4.67, while Applied Materials (AMAT) fell $10 following disappointing earnings.