Good timing on SMH puts
SMH total put open interest hit nearly 2 million contracts, 3x call open interest. Put OI tripled in 6 months while call OI barely moved
Participation Note — EEM
Emerging markets are up 22% this year. Many clients have little to no exposure.
EEM — the broadest emerging markets ETF — is up +22.0%
MRVL +255%. SMH +77% - Jensen Speaks and the market listens
Marvell Technology is up +255% year-to-date vs the semiconductor ETF at +77%. The gap has been
1881. No Precedent.
CAPE at 39: no historical period since 1881 has been followed by attractive long-term real returns. 145 years of data for SPX.
Source
The $9 Stock That Channeled SpaceX
EchoStar (SATS) went from $9.68 in November 2023 to a $141 peak this month — a 14x run driven entirely by SpaceX IPO
Income Note — SPX / XLC / RTY
The standard basket was built for a different market. It may be worth asking if it’s still the right one.
The standard worst-of
Consumer Mood: Record Low
Michigan Sentiment hit 44.8 this month — the lowest reading in over 70 years of data — while the S&P simultaneously posts an 8-week win
Income Note — XLF & XHB
If an income note doesn’t pay you on the upside, why pair it with what’s already run?
With an autocall income note, your upside is capped
"Stock Pickers Market?"....nah
Only 28% of active mutual funds are beating the S&P 500 in 2026 — down from over 60% at the end of February — putting active
Surface Strength, Internal Damage
S&P 500 at an all-time high — and 7.7% of its members just hit 252-day lows simultaneously. Smart Money Confidence: 0.44
Growth Note — EWY
Korea's market is up 200% in a year. Why does it still trade at a fraction of the S&P's multiple?
EWY returned +213.8% over the last 12 months
Semi trucked
The Philadelphia Semiconductor Index is now more than 50% above its 200-day moving average — the first time it's done that in 26 years. The last
