October 10, 2025

Markets:

Stock futures were flat Friday morning after both the S&P 500 and Nasdaq Composite pulled back slightly from record highs on Thursday.

The U.S. government shutdown has now stretched into its tenth day, following the Senate’s seventh failed attempt to pass competing stopgap funding bills. So far, there’s been little sign of meaningful progress between Republicans and Democrats.

With the stalemate dragging on, investors are struggling to find direction amid the limited flow of government economic data. Thursday’s earnings from Delta Air Lines and PepsiCo came in solid, providing some reassurance about consumer demand, but not enough to sustain market momentum.

The real catalyst could arrive next week as earnings season kicks off in full, with major banks like Citigroup and JPMorgan set to post Q3 results. Also on tap — U.S. consumer sentiment data, due Friday morning at 10 a.m. ET.

Meanwhile, Fed Governor Christopher Waller said he remains supportive of cutting interest rates but cautioned that the central bank must proceed carefully given mixed economic signals.

Portfolio:

Let’s take a moment to reset the perspective — we’re in the middle of a tech revolution, driven by a policy environment committed to lowering rates, weakening the dollar, and flooding liquidity into both equities and crypto. If rates drop and the dollar softens, ask yourself: Where else can capital realistically go?

The answer is clear — stocks and crypto.

Forget the word bubble. Don’t fight the trend. This is the moment to shift into attack mode. Earnings season begins next week, and it could be the spark that powers a massive year-end move.

We won’t even get into the setup for 2026 yet — new themes are forming, and we’re likely entering stage 3 of the AI supercycle. Right now, we’re still in stage 2, and many are missing what’s unfolding in real time. Based on historical bull cycles, we have at least 30 months of runway ahead. The difference this time? No market in history has seen a liquidity surge like this — driven by AI, automation, and explosive productivity growth.

We enter today’s session holding positions in ONDS, CONL, RR, CDZI, and TSLL. We’ll continue to add selectively over the coming sessions while taking profits where appropriate. The queue is heating up — and with earnings starting next week, a new layer of opportunity begins.

Updated targets:

SPY: 700 remains in play by year-end.

QQQ: 650 next — and yes, a run toward 700 on the Q’s is very possible.