No charts today, my friends. I took a real day this week, the kind where the phone goes in the bag and stays there, and I want to share a little of it with you before the long weekend. We had lunch under the olive trees. Actual olive trees, the gnarled old ones, with the light coming through the leaves. And then the food came out, and honey, I have to confess something. They brought a caramelized onion pizza covered in anchovies, and I am not an anchovy person. Or I was not an anchovy person. Because I ate the whole thing and now here I am, a changed woman. After that we trekked up to Saint-Paul-de-Vence, which, in my humble opinion, is one of the most beautiful medieval towns on the planet. Stone streets that have been there for centuries, the whole village sitting up on a hill looking

The market does not care about your reasons. Today was the new Fed chair's first big day, Kevin Warsh behind the podium, rates left right where they were. And the second he opened his mouth, my inbox filled up with people telling me exactly why the market was about to fall apart. Credit. Inflation. AI overspending. The bond market. Everybody had a reason. So let me riddle you this, my friends. Why today? Every one of those reasons was already true yesterday. They were true last week. None of it is new. So if you want to tell me the market is selling off today because of credit, you had better be able to tell me why it did not sell off on all the days that exact same problem was sitting right there in plain sight. I have been doing this long enough to know the answer. And once

Missing a trade has never cost me a dime. Chasing one has. And honey, that is the difference almost nobody wants to hear right now, with this market ripping and everybody feeling like they have to be in on every single thing. You know the moment I'm talking about. You had your eye on something, you waited a beat too long, and it took off without you. Now it's sitting there 10, 15, 20 percent higher, and that little voice starts up. Just get in now. Don't miss it. It's still going. No, babe. If the price is already past where you wanted in, don't chase it, my friends. That is not how you win at this. I don't go back to the well. Once a trade gets away from me, it's gone, and I let it be gone. Because here is the part the chasers forget. The market is