📈Ithaca Protocol Market Update

► The EU has initiated contact for negotiations, and Friday’s announcements seem to have had an effect.

► Trump’s criticism of Putin will aid rapprochement (but, as noted below, it won’t impact oil prices in the short term).

► A pump for Bitcoin Vegas is expected; this time, the effect will spill over further.

► TACO and NACHO theories are colliding (today feels more like NACHO—‘Never Acts, Chooses Optics’—to detractors, but we argue there is method to the seeming madness, as the EU was stuck on long-held positions for some time).

► Record uncertainty or not, Americans are starting their driving season with the lowest gasoline prices at the pump in 10 years (these wins matter a lot in Middle America; Apple’s loud complaints, not so much).

► With holidays in the US and UK, always watch for crypto to pick up some volatility spillover as it remains the only truly 24/7 market.

► NVDA results are due this week (most volatility priced in), along with $180 billion in 2-year, 5-year, and 7-year UST auctions.