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A house of cards standing in front of a candlestick chart

The SpaceX House of Cards

Google booked $98bn of unrealised gains on Anthropic and SpaceX last quarter — 69% of its earnings per share. Those same two companies now pay SpaceX $26bn a year for compute, on contracts cancellable in 90 days. Every arrow is disclosed. The question is whether the loop rests on anything outside itself.

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Deep dive · New
A lit bomb marked with the yen symbol sitting on burning bundles of dollars

The Yen Carry Trade: Ticking Time Bomb

Japan and the United States just ran their first joint yen intervention since 2011. The trade underneath it is real, leveraged, and has broken markets before. It is also paying half what it paid in 2024 — and almost nobody explaining it has mentioned that.

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Limitless was never a pill. It was Claude all along. Essay · Pinned Limitless was never a pill. It was Claude all along. It’s 1am. Baby’s finally asleep. I’m at my desk doing what the cool kids call “vibe coding,” and for the first time in months the screens feel alive again. Julius Stark · 6 May 2026 · Read on X →
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Composite Regime Score — August 2026

Methodology & full report →
15-signal market regime · refreshed 4 Aug +9 BULLISH
+9
of 15 signals
11Bull
3Neut
1Bear
MfgBullish ▴▴ — ISM 55.6, up 2.3pts, strongest since May 2022.
LabourNeutral ▴ — factory employment 52.8, first expansion since Jan 2025; services employment back in contraction at 47.4 (5 Aug). Payrolls 7 Aug is the tiebreaker.
BreadthBullish ▴ — industrials and financials both at 52-week highs.
VolatilityBullish ▴ — VIX 16.49 from 20.65. Stress lasted days, not weeks.
PricesBullish ▴ — ISM prices 71.1 from 73.0, third consecutive decline.
RatesBearish ▾ — long bonds still near 52-week lows. The one signal that didn’t participate.
Mechanical output of a personal framework. Not investment advice. Next test: Payrolls 7 Aug

This month’s Buys & Sells

Full PMI report →

From the July ISM Report On Business, released 3 August: manufacturing 55.6 — a four-year high — with employment back in expansion at 52.8 after 33 months below 50, production at 58.5 and customer inventories at 40.7 (too low). The framework’s tilt leans harder into the cycle. Research starters, not advice.

ISM Manufacturing sub-indexes for July 2026 plotted against the 50 line
Every sub-index against the 50 line — see the full read →
▲ Overweight / Buy
  • Industrials 52w high, PMI 55.6
  • Semiconductors +14% off the lows
  • Financials 52w high, steep curve
  • Materials inventories too low
  • Data-center / power capex theme
▼ Underweight / Sell
  • Long-duration bonds still at 52w lows
  • Rate-sensitive housing permits ▾
  • Real Estate contracting
  • Defensives wrong side of the cycle

The full report goes further: what’s good, what’s bad and what to watch — plus the named ideas each tilt points at, the sub-index driving each one, and what would prove it wrong. Read the playbook →

Sourced from the ISM Report On Business · older monthly reports are archived in Reports →

Research & track record

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Backtest · 503 sessions

Do naked levels actually hold?

Prior-day low holds 57.8% of first touches, prior-week low 55.4% — and the highs are coin-flips. Plus why the 12-tick stop fails on 30m bars.

ES futures · full sample
Transparency

The track record, marked monthly

Open ideas with entry dates and honest marks — GS/JPM spread +2.4%, Korea EWY +8.3%, India upgraded. Losers stay on the page too.

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Type a ticker, read the live financials, then run P/E, DCF and ROE valuations with every assumption editable.

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Explainers

Learn: the concepts, plainly

Liquidity sweeps, CVD, market profile, diffusion indexes and regime scoring — defined without mystique.

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Macro Stock Market Health Composite Macro composite

Macro Stock Market Health Composite

Eight macro inputs scored into one MACRO BULL / BEAR read. Latest: +6, macro bull, dragged by building permits.

Singh MBA 2022 · monthly
Live feedlive

When I trade I have a plan of a level, alert goes off, assess reaction at the level, take the trade. My whole feed was long yesterday at the highs — often a great counter signal. Take profit 1, stop to break even, let the rest ride. #BTC

@JuliusStark_ · 16 Jul

Free live tool The Screener Live buy and sell candidates across US equities and crypto — sort, filter, no login. Open the screener →