Markets were slightly down last week, but there are still opportunities all over the place, if you know where to look. The weakness could be blamed on a trifecta of reasons: Middle East tensions, FOMC fallout, or triple witching volatility. But the bigger takeaway is this — the market’s coiled, not collapsing. And it’s looking for a spark.

💣 That spark could be the Fed. If Powell cuts faster than the market expects, the drift ends. But there’s palace intrigue too: Waller’s recent positioning sounds a lot like a man angling for the top job.

Of course a broader Middle Eastern war may put a cloud over things this week.

Interestingly, as I write this futures are green and oil is basically flat…..

This is the Million Dollar question and the one thing Don Duret pointed out in our podcast last week that could throw the world into a recession and knock the market down.

As Barron’s put it, the restraint is strategic. But if that restraint breaks, oil doesn’t just go to $100 — it goes nuclear. Supply chain shocks, inflation flare-ups, and military escalation are all on the table.

Speaking of oil, this caught my eye…

Most investors still see CVX and XOM as dinosaurs. But a closer look reveals they may be the most mispriced AI infrastructure plays on the planet.

You already know I’ve been bullish on AI’s impact on energy infrastructure — with a focus on natural gas, nuclear, and geothermal. What I missed, and what this article clarified, is just how deeply embedded Chevron and Exxon are in natural gas production and scalable power infrastructure.

They’re not just digging for oil — they’re laying the foundation for dispatchable power in the AI era.

Yes, their recent rallies were war-driven. But once the fog clears, don’t be surprised if the market re-rates them like power providers — not oil dinosaurs.

Defense stocks look strong this morning. Long term readers know I am a fan of the mid cap names, especially the drones. Not sure I would chase the big names as the wind would get knocked out of them if we get a face saving response from Iran….

ESLT could be a name I would take a look at though….

The European defense stocks have a tailwind regardless of a broader Middle East war….

An escalation should be good for Gold, which is currently flat….

Gold and silver have paused — but I’m still long and still bullish. If you caught last week’s podcast, Don Duret laid out the case for 10x upside in select gold names.

I don’t make long term price projections, I just trade what I see, which is why I’m in Gold and silver and the miners. I do recommend a long term gold position in my version of the permanent portfolio though. Don and I aren’t the only ones who like gold…

If you want gold and bitcoin in one package……

Chamath’s trying to claw his way back into the SPAC game — and that’s bullish. Say what you want about his DeSPACs, but when the cash-in-trust structure is intact, pre-merger SPACs remain the best asymmetric trade on the board IMHO. A couple of our favorites did well on Friday…

Hmmmm.

You can try to pick your own SPACs or use an ETF….

SPACs also fit very nicely into our Trump’s Inner Circle theme, which is investing in companies related to the people in Trump’s inner circle and investing in companies that benefit from his executive orders. Howard Lutnick and Don Jr. are involved with SPACs and there are many SPACs that cover Trump’s favored areas of the market. We are going to cover this, and more on Thursday….

It will be from this Thursday from 2-3PM. Click on the link above to register.

I continue to think this Genius Act is huge…..

Clear Street just dropped a new report and it's a killer……

We talked about Circle last week, and I’ve talked a lot about crypto Treasury companies. I have not talked a lot about the crypto miners. That’s what’s most interesting about Clear Street’s report…….

These companies — CLSK, RIOT, MARA, CIFR — are morphing from bitcoin miners into AI compute infrastructure providers.

Here’s the kicker: despite a brutal hash rate, they’re still posting double-digit BTC production growth.

That’s margin compression for the weak — and scale dominance for the strong.

🧠 Updated Ratings from Clear Street:

The GLP-1s continue to be my kryptonite this year. I don’t own them in my HEAT Formula trading account at the moment, but do own them in my Permanent Portfolio. LLY has had a tough couple of days….

as has NVO….

TD Cowen came out with an interesting report on Friday with the thinking that the real play is in anti-myostatin……

According to Cowen, the real money isn’t in losing weight—it’s in keeping the muscle?

There’s a new class of drugs—anti-myostatin therapies—that could not only preserve muscle during weight loss but actually build it?

Their conclusion? This is the start of a $30 billion market. And the biggest biotech winners in 2026–2030 might not be who you think.

GLP-1s work. No debate there. They suppress appetite, slow digestion, and make people feel full longer. Clinical trials have shown 20–25% total weight loss, rivaling bariatric surgery.

But here’s the dirty secret no one talks about:

That’s where anti-myostatin therapies come in.

According to TD Cowen, this could be a $30B+ market — preserving lean mass during weight loss and building strength. Imagine a world where you pair GLP-1 for fat loss with myostatin inhibition for muscle retention.

This is no longer theoretical:

🏆 Potential Winners:

The next leg of the obesity trade isn’t about shrinking — it’s about staying strong.

GLP-1 was just the start. Myostatin is the muscle money.