Good Wednesday morning. As overbought as the market may be, with the amount of institutional money being forced to play catch-up we continue see dips as being short-lived. The biggest issue short term is overconfidence in the options market, as the put/call ratio continues in the mid-high 60’s, as seen below from yesterdays trading. Excessive optimism by short-term traders may keep stocks under pressure, but again, only in the short term.

Rising interest rates are the primary issue of concern, but we continue to see the upside in rates as limited. Trumps "Big Beautiful Bill”, which got one step closer to passing this morning (SALT compromise), is the likely cause. Should this bill become law, approximately $5 trillion will be added to our nations debt. This is why we continue to pound the table on gold/silver/miners and Bitcoin, along with inflationary assets like stocks and housing. As much as we hear “our debt levels are going to crush us”, the will is just not there for t...