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I am going to be on a Wolf Twitter spaces today at 1pm EST.

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Overnight Trump threatened tariffs on China, Canada, and Mexico. This caused some immediate weakness but futures pretty flat so far this morning. Bitcoin is finally selling off a bit....

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If you are looking to buy the dip you could use the 10 day moving average as a reference point.

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Big down day for rates (and up for TLT) yesterday, suppose on the Bessent pick. My long model flipped short. If I was playing this discretionarily I would either look at a break back below the 200 day or failure at the 50 day as a sport to short.

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Gold dropped on an easing of geopolitical concerns. I don't think that's the main case for precious metals here so I would still be a buyer.

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Few names I like here on the longside, nothing jumps out at me on the short side.

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This seems like putting politics before anything else....

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Tesla Excluded From EV Buyer Credits in California Proposal-Bloomberg

Themes

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Crypto

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Semler Scientific is an interesting name that seems to be trying to copy MSTRs strategy.

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MicroStrategy Doubles Down With $5B Bitcoin, Semler Scientific Follows With $29M Purchase-CCN

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You can't blame them. Don't think I would buy it up here, but on a dip into the 10 day maybe an interesting spec.

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I would expect more of this.

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European Defense

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Under Trump, European Defense Stocks Will Soar. Here's How to Invest.-The Globe and Mail

Fortunately for U.S. investors, there was a recent launch - on Oct. 22 - of an ETF from Tuttle Capital Management that gives investors an easy way to play the broad European defense sector. It is the Select STOXX Europe Aerospace & Defense ETF (EUAD).

The fund is based on the STOXX Europe Total Market Aerospace & Defense index, which is up 37.61% over the past year and 31.46% year-to-date. The fund expense ratio is 0.50%.

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