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
Four Tickers, 20% Of The Tape
MU, AMD, INTC and SNDK accounted for ~20% of all single-stock notional traded Tuesday. The entire option-skew leaderboard for NDX
Trade Idea — XLY
If the economy is bifurcating, where's the high-income consumer spending?
NY Fed economists confirmed this week that consumer spending has been
More Fuel on the Fire
Piper's macro team now pegs 2026 NEW fiscal impulse at $656B — $266B from lower tariffs, $190B from individual tax cuts, $200B from
Crude $108. SPX Cannot Be Bothered.
WTI just closed at the highest level since 2022 on "Trump tells aides to prep for lengthy Hormuz blockade" headlines, while
Income Note & Snowball — KRE
Regional banks. Three valuation measures. Same conclusion.
KRE forward P/E sits at 14.1x — 30% below the S&P 500's 20.0x. Price-to
Record High. Record Low. Same Day.
U Mich Consumer Sentiment revised to 49.8 in April — the lowest reading on record — while the S&P 500 trades at all-time highs
Call buying Mania
The 5-day moving average of the call/put volume ratio hit an 11-month high last week — 95th percentile since 2010. Net call volume went further
