January 20, 2026

Markets:

Stock futures pointed to big losses on Wall Street on Tuesday after President Donald Trump intensified his rhetoric on Greenland, threatening to impose new tariffs on countries opposing the sale of the Danish territory to the United States.

Treasury yields spiked and the U.S. dollar declined as Trump’s threat caused a flight from U.S. assets.

Trump announced in a Truth Social post on Saturday that eight NATO members’ U.S. imports will face escalating tariffs “until such time as a Deal is reached for the Complete and Total purchase of Greenland.” The tariffs will start at 10% on Feb. 1 and rise to 25% on June 1, Trump said.

The U.S. stock market was closed Monday for the Martin Luther King holiday.

Portfolio:

Let’s cut through the noise.

Since the April 2025 lows, every single SPX gap-down has been filled — same day, next day, within a few sessions, or at worst inside two weeks. No exceptions. If you don’t believe today marks the ultimate market top, then you already understand the opportunity in front of us. And it’s highly unlikely that tariff headlines are what finally end this run.

We’ve seen this movie before.

Trump has always been market-aware. Volatility under his playbook often turns into a valuation gift, especially when threats prove to be leverage rather than policy. Recent leaks of EU–U.S. communications confirm negotiations are already underway behind the scenes.

This is classic “maximum pressure” rhetoric — push hard, extract concessions, then announce progress.

Remember, Trump treats the S&P 500 as a real-time approval rating. That’s why he continues to apply pressure for rate cuts heading into the midterm cycle. And as U.S. markets turned red overnight, we’re already seeing the early stages of narrative softening.

The most likely outcome? A walk-back, a headline “deal,” victory laps — and markets pushing toward fresh all-time highs. It’s painful in the moment, but historically these setups deliver far more on the other side.

Positioning

We start the week with active setups in MRAM, SKYT, and TSLL.

One change to make is adjust your stop on TSLL to 15.75

No other changes at this time.

Remember, Red days are not a reason to panic — they’re where opportunity is created.