🇺🇸 U.S. defense & rare earth.

🟥 CHART WATCH 🟥

🇨🇳 🇺🇸 🇻🇳 Hmm…whatever could be happening here?

📈 CHART WATCH 📈

🇺🇸 Is the border closure what explains downward pressure in nonfarm payrolls?

Have they been running a shadow economy the entire time on top of the anemic above ground economy?

Does this explain the 2024 incongruence of the celebratory modeling of economists & government statisticians and the economic malaise suffered by the working class?

📉 CHART WATCH 📉

🇺🇸 Big Tech has beat EPS expectations by 12%, with Nvidia ($NVDA) still to report.

📦 CHART WATCH ✅

Ethereum has punched above $4,000 again. This is $ETH’s first trip back above the level since 2024…

🔹 CHART WATCH 🔹

🇺🇸 The growth in compensation, and thus the growth in the unit cost of labor, slowed again in Q2:

Compensation growth slowed to 4.0% q/q in Q2 from 5.0% in Q1 and 5.5% in last year’s Q4.

As a result, unit labor costs advanced only 1.6% q/q in Q2, down markedly from a 6.9% quarterly gain in Q1. However, on a y/y basis, unit labor costs increased 2.6% y/y in Q2 versus 2.0% in Q1.

Annual unit labor costs have been on an uptrend since the middle of last year.

📊 CHART WATCH 📊

🇺🇸 Tracking Trump’s approval rating over time against the 4 most recent terms…

✅ CHART WATCH ❌

🇨🇦 Canada’s balance of trade is broaching new lows beneath Trump 1 territory. Reuters:

Canada's merchandise trade deficit widened in June to C$5.9 billion ($4.24 billion)…The deficit observed in June is the second highest on record after the deficit expanded to its largest in history in April to C$7.6 billion.

Canada's exports to the U.S. as a share of total exports shrank to 70% in June from 83% in the same period a year ago while its surplus with the U.S. contracted by a half in the same period, data showed.

📉 CHART WATCH 📉

🇩🇪 The spread between CDU/CSU and AfD has narrowed yet again…

🗳 CHART WATCH 🗳

🇺🇸 Never forget what they took from you…

‼️ CHART WATCH ‼️

🇺🇸 Adobe’s Digital Price Index (DPI), year over year change from July of 2024 to July of 2025.

More deflation in digital prices—particularly in apparel...

📊 CHART WATCH 📊

🇺🇸 Yeah, that explains a whole lot…

📱 CHART WATCH 📱

🇺🇸 Nvidia ($NVDA) is now the largest weighted single stock holding in S&P 509 ($SPX) history…

🫑 CHART WATCH 🫑

🇺🇸 The Buffett Indicator (U.S. stock market capitalization/gross domestic product) has hit a new all-time high of 213.3%.

But, you know…AI and stuff.

🚨 CHART WATCH 🚨

🇺🇸 Treasury issuance is still climbing, stressing the limits of demand for long-term debt.

As such, debt continues to accumulate.

📈 CHART WATCH 📈

🇺🇸 Insider trading activity this summer has involved a whole lot of selling.

Not that insiders are always right, but certainly worthy of note.

🔽 CHART WATCH 🔽

🇺🇸 The MOVE Index (treasury volatility) is falling to multi-year lows. This level was last visited January 18th of 2022.

This may be indicative of complacency, but for now, there’s little fear in the market.

⏩ CHART WATCH ⏪

🇺🇸 Will the breakout continue in the Lithium ETF ($LIT)?

🧪 CHART WATCH 🧪