Weekends are a gentle welcome from life; savor this brief, comforting tranquility.

Big Sur is charming in all seasons, but it has a unique flavor in late autumn. With few people around, the tranquil yet wild atmosphere makes you want to keep exploring.

Flowers bloom, and love in spring is so real.

Dreams are like stars; though they may seem far away, they will eventually be reached. Every step is crucial. Good morning.

BREAKING: Manufacturing and construction employment now represents just ~15% of all US jobs, the lowest contribution in at least 175 years. This percentage has declined -25 points since 1950. Over the same period, agriculture has fallen -18 points, to just 2%, the lowest in history. Meanwhile, private education and health jobs reflect ~20% of the total, professional and business services make up ~16%, and leisure and hospitality ~12%, all of which had ~5% each in 1950. Trade, transportation, and utilities remain the most stable sector, holding steady at ~20% over the same period. Financial activities and information make up ~10% of jobs, compared to ~5% in 1950. The US economy has shifted from production to services.

15-year data center lease signed as $CIFR hits the apex of the wedge 🌶️

China is building out its power grid at an unprecedented pace: China's two largest power grid firms issued a record $131 billion of bonds in 2025. This has more than DOUBLED since 2024, posting the 2nd consecutive annual increase. State Grid alone issued $110 billion, almost TRIPLING the previous year's total. So far in 2026, State Grid and China Southern Power Grid have raised another $13.5 billion in bond sales. The State Grid network covers over 80% of the country and supplies electricity to more than 1 billion people. China is all-in on energy expansion.

Guggenheim steps in with a big upgrade as $ARM returns to Stage 1

BREAKING: Iran says it could shut the vital Bab el-Mandeb Strait if attacks are carried out on its territory or islands. Details include: 1. The Bab al-Mandeb Strait is a narrow passage linking the Red Sea to the Gulf of Aden and the Arabian Sea 2. ~12% of global seaborne oil passes through Bab al-Mandab 3. The Bab al-Mandeb Strait is the world’s 4th-largest shipping chokepoint 4. If both Hormuz and Mandeb are closed, total offline capacity could near 25 million barrels per day, or ~25% of global supply We now await the US' response to Iran's "five conditions" for a ceasefire.

US unemployment duration is surging at an alarming rate: The average duration of unemployment in the US jumped +2 weeks in February, to 25.7 weeks, a 4-year high. Unemployment duration has risen +6.3 weeks since October 2023, the fastest pace since 2020-2021. This is now well above 2018-2019 pre-pandemic levels. At the same time, the median duration of unemployment is up to 11.1 weeks, the 2nd-highest since December 2021. Both metrics are trending consistently higher, a pattern previously seen at the onset of past recessions. It is taking Americans significantly longer to find work after losing their jobs.

ETF trading is taking over the US stock market: ETFs now account for 37% of total US stock market volume, the highest monthly average on record. This percentage has soared +13 points since the start of 2025. This also surpasses the previous peaks of ~36% during the 2020 pandemic crash and ~36% in late 2018. Institutional investors are increasingly using ETFs as the primary tool for hedging, shorting, or reducing exposure to the broader market, rather than selling individual stocks. In other words, record ETF activity signals how aggressively hedge funds are repositioning as volatility intensifies, exaggerating market moves. This market is full of fear.

$ONDS A fintwit retail fave name. Hard to tell which way it will go. But it's gonna go and soon. Straddle?

The 200 EMA just got a $38M vote $NVDA

Another terrible auction: 5Y high yield 3.980%, WI 3.966%, 1.4bps tail, biggest tail since Oct 2024

Hedge funds are dumping cyclical stocks at an aggressive pace: The long/short ratio of hedge funds in US non-consumer cyclical stocks, which include Energy, Materials, Industrials, Financials, and Real Estate, is down to 1.68, the lowest since May 2025. Hedge funds have sold stocks in these sectors for 9 consecutive weeks. Sales accelerated after the Iran War began on February 28th, completely wiping out all cumulative net purchases since the start of 2025. As a result, net trading flow has turned negative for the first time since May 2025, indicating that hedge funds are now net short this group of stocks. Hedge funds are betting that the worst of the economic impact is still ahead.

CHART OF THE DAY: The Retail Investor Is Down -26.4% From Its Cycle Peak 📉app.hedgeye.com/insights/179…

No one's pulling up a chair $TTD

BREAKING 🚨: Microsoft $MSFT on track to close below its 200-week moving average for the first time in more than 13 years 📉📉

JUST IN 🚨: S&P 500 $SPY on track for its 5th consecutive close below the 200-day moving average, the longest streak since May 📉🤯👀

What is this chart pattern called? $MU