Hartnett (Flow Show): the “DEM tsunami” marks peak Trump, peak greed, peak AI capex and peak “K-shape” consumer. He says that’s why the Nasdaq 100 fell 15% in the past month and “tech leaders broke”: ▪ Nvidia (“funds everything”) broke $200. It closed Friday at $186.64. ▪ TSMC (“sees everything”) broke $400. It closed at $375.44. ▪ The Magnificent 7 ETF, MAGS (“controls everything”), broke $70. It closed at $67.53. “But so long as recession odds stay low,” meaning banks (IXG) hold $125, mid-caps (MDY) $666 and junk bonds (JNK) $92, he says the S&P 500 holds above 7,000 and “risk rotates (tech bonds, Europe, China, consumer...), no retreat.” Where those lines stood at Friday’s close: ▪ Banks (IXG): $130.05, 4.0% above $125. ▪ Mid-caps (MDY): $657.82, 1.2% below $666, a second straight close under the line. ▪ Junk bonds (JNK): $92.70, 0.8% above $92. It hasn’t closed below $92 since April 2025. ▪ S&P 500: 7,377, 5.4% above 7,000.
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