Good Thursday morning. I’m writing this just after Trump's address to the country, as I’ll be on the road early in the morning, until late in the day. I do intend to do our podcast after the close.

I thought Trump's address was excellent. Focused and positive…absolutely bullish…with an outline of some good ideas for early 2026 (health care/insurance, drug prices, mortgage/home building reforms, driving inflation lower, Christmas bonus payments for those in the military, a new Fed Chair with lower interest rates).

It’s what was not in the address that also stood out. Tucker Carlson predicted on Wednesday that Trump was going to announce we were going to war with Venezuela. He put that rumor out there confidently, claiming he had good sources. IMO it played a role in the decline.

Wednesday's action was not pretty, with the semis down more than 3% for much of the afternoon and leading lower. However, after the close Micron reported excellent earrings, with their shares trading up...