January 14, 2026

Markets:

U.S. stock futures edged lower Wednesday as the S&P 500 pulled back from record highs reached earlier in the week, with investors digesting another wave of earnings and economic data.

In early action, Wells Fargo slid more than 1% after reporting weaker-than-expected revenue, while Bank of America climbed about 1% as both earnings and revenue topped Wall Street estimates. Citigroup is scheduled to report results before the opening bell.

On the data front, traders will be watching December’s Producer Price Index, due out before the open, along with the delayed November retail sales report—both of which could influence inflation expectations and rate outlooks.

Political noise also remains in focus, as former President Trump continued criticizing Fed Chair Jerome Powell, fueling renewed concerns over central bank independence amid reports of a Justice Department criminal investigation involving the Fed’s leadership.

 

Portfolio:

SPY and QQQ remain front and center after printing an inside day yesterday—bulls are still firmly in control. We’re tuning out the short-term headline noise around the Fed, as the broader trend remains intact.

Bitcoin is beginning to reassert itself as well, continuing to show a strong correlation with risk-on momentum in equities. The caveat we’re monitoring closely: markets may be pricing in a potential Supreme Court ruling against tariffs. A decision like that could wipe out hundreds of billions in revenue, pressure the dollar, and strain U.S. fiscal conditions. While that scenario would likely be bullish for crypto, the near-term impact on equities could be choppy—likely short-lived, but worth watching.

SPY continues to feel dominated by algorithmic and 0DTE flows clustering around SPX, but make no mistake—700 on SPY and 7000 on SPX remain targets on the horizon.

No changes to current positions  with TSLL and SATL. Today is a patience game with data, headlines, and tariff-related developments in play. Stay alert.