Mike Zaccardi, CFA, CMT
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mikezaccardi.bsky.social
Mike Zaccardi, CFA, CMT
@mikezaccardi.bsky.social
3K followers 3 following 33 posts
Financial writer. Markets & charts. Open to freelance or full-time work.
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Democrats now with a much-higher 72% market-implied chance of winning the House next year @kalshiofficial.bsky.social
Dollar up again.. $DXY highest since May 28.. > 100
$MOVE rate vol remains very low, under 70
Debasement trading a small relief rally this morning.. $SPY -0.1% $QQQ -0.3% $IWM +0.1%
GS: Historical and projected US cloud and AI hyperscaler capex (post 3Q25)

Now seen topping half a trill next year.
IEEPA possible rulings and their market impacts. A summary. #tariffs
BofA: The Supreme Court will hear oral arguments on the legality of tariffs imposed under IEEPA today.

These tariffs account for about 9.5pp of our estimated 14.7pp effective tariff rate after the reduction in fentanyl tariffs on China.
BofA: Largest ever sales of single stocks, driven by institutions
Jobs Day tomorrow! Consensus thinks +25k for ADP.
Plenty of green outside of tech today (SPX EW heat map)
Look at Financials $XLF acting all defensive today
ETH $ETHA pacing for its lowest close since July 15.

-17% last two sessions.
Bitcoin $IBIT lowest since May 7 (closing basis). Worst day since April 7.
Older generations - Baby Boomers and Traditionalists - have shown faster credit and debit card spending growth per household
than overall households since 2022
Trump approval has cratered in the last two weeks (RCP average).

Will that get things moving on a government re-open?
The de-debasement trade $GLD $IBIT $ETHA