US technology stocks have rarely ever been this cheap: The S&P 500 Information Technology index is now trading at just a 4% forward P/E premium to the S&P 500, the lowest since January 2019. This percentage has fallen -32 points since October 2025, one of the largest discounts on record. In other words, tech stocks are the cheapest relative to the broader market in 7 years. By comparison, the technology sector was ~47% more expensive than the S&P 500 at the June 2024 peak. Tech stocks are now on track to become cheaper than the S&P 500 for the 1st time since 2017. Is it time to buy tech?

Is this the best timed trade of 2026? At 6:50 AM ET today, $1.5 BILLION in notional value worth of S&P 500 futures contracts were bought. This trade was so large it sent the entire index +0.3% higher that minute. Then, 14 minutes later at 7:04 AM ET, President Trump announced "productive discussions" with Iran were underway. By 7:10 AM ET, the S&P 500 had added +$2 TRILLION in market cap. That $1.5 billion position gained +$60 million in minutes. Absolutely incredible.

What is happening in crypto? Since October 10th, crypto markets are now down -50%, erasing $2.2 TRILLION worth of market cap. Bitcoin has officially erased ALL of its post-election rally, now down -10% since Trump's election. Why is it crashing? Let us explain. (a thread)

We now have: 1. Another government shutdown on the way 2. Potential new 100% tariffs on Canada 3. President Trump actively looking to acquire Greenland 4. US “armada” heading toward Iran 5. DOJ investigation into Fed Chair Powell 6. BlackRock’s CIO as the likely next Fed Chair 7. President Trump calling for $2,000 stimulus checks and 1% interest rates Asset owners will be the only winners.

Is a "Santa Claus" Rally on the way? Since 1929, the S&P 500 has risen in 79% of Santa Claus Rally periods, with an average return of +1.6%. The Santa Claus Rally covers the last 5 trading days of December and the first 2 trading days of January. Similarly, since 1950, the S&P 500 has posted positive results in 79% of these periods, averaging +1.3%. Over the last 8 years, the index has declined during the Santa Claus window only once. All while the last 2 weeks of December have been the best weeks for stocks over the last 75 years. We may see the S&P 500 at 7,000 by year-end.

Shocking stat of the day: Nvidia now reflects a record 8.5% of the S&P 500 and is now larger than 6 of the index's 11 sectors. It is now larger than the Materials, Real Estate, and Utilities sectors combined. With a market cap of ~$5.1 trillion, Nvidia also surpasses the combined value of the bottom 240 firms in the S&P 500. The stock is larger than the combined value of the entire stock market of Italy, UAE, Spain, and Netherlands. Furthermore, Nvidia is behind just the US, China, Germany, Japan, and India's stock markets. Nvidia’s rally is unprecedented.

Investors are piling into options at a record pace: Total call options volume has averaged over 40 million contracts a day over the last 20 days, the most on record. Call options volume has DOUBLED over the last 3 years. This is also ~12 million contracts above the 2021 meme stock frenzy peak. Furthermore, call options as a share of total options volume hit 65% on Wednesday, matching the highs seen in late 2024. By comparison, during the April sell-off, this metric sat at ~47%, one of the lowest readings since the 2022 bear market. Bullish sentiment is through the roof.