🚨The most important chart in the world right now.

Trump ends the "de minimis" tariff exemption for small parcels on Friday. The exemption removal subjects products from China and Hong Kong under $800 to tariffs of 145%. China tariffs now reflected at checkout for purchases from Temu, Shein

🚨Chinese Copper inventories fell by nearly 55,000 tonnes to 116,800 tonnes last week, the biggest weekly drop on record. At this rate of decline, Chinese copper stocks will be depleted in two weeks. China is the world’s largest consumer of copper.

Copper stocks in US commodity exchange warehouses have surged this month to their highest level since 2018 as the market suffers 'one of the biggest contraction shocks' in its history. [Time for China to make a deal?]

China's offshore Yuan strengthens to 7.2345 per dollar, strongest since march 20

AAII bull-bear spread is still deep in negative territory [a lot have fallen for the macro FUD]

Retail traders net bought $40B in April setting new record for the largest monthly inflow. [the narrative of retail triggering short squeezes and liquidating hedge funds is about to make a comeback]

Solid headlines on jobs data but the overall trajectory for US unemployment rate is up. Permanent job losers have moved up to a cycle high, initial jobless claims are also picking up.

🚨Trump on economy: Fed should lower its rate [he's damn right]

T1Alpha: Starting next week we should see 1-month realized volatility start to decline. We expect these massive buying flows to flood the market throughout next week. CTA and Vol Control funds both poised to add exposure over the next several weeks.

SPX continues its sharp recovery but traders are still positioned short and complacent. A swing high would catch many off guard.

🚨NYT: Beijing considers sending top security official to meet Trump team on fentanyl precursors. Wang Xiaohong has been inquiring what it would take to ease Trump’s grievances, possibly paving way for resumed negotiations.

🚨Taiwanese Dollar surges 4% to 5% against the USD in largest daily gain since 1988, biggest move in 40 years [looks like Taiwan made a deal]

The EU has officially passed the Anti-Money Laundering Regulation (AMLR) banning all financial institutions and crypto service providers from offering anonymous crypto accounts or wallets starting July 1, 2027 -EUCI

BoA: Crypto $2.3bn inflow, past 2 weeks biggest inflow of '25 ($4.8bn)

The US dollar has seen so far its worst run of any of the last 7 presidents

🚨New Coinbase Bitcoin ad [this is not bearish]

Bessent WSJ Editorial: The American people should expect to hear the engine humming during the second half of 2025. We'll see less national debt and less dependence on China—all while maintaining a strong dollar.

🚨US Bitcoin ETFs bought 18,644 BTC last week, nearly 6x more than 3,150 BTC produced by miners in the same week.

@bullcase

Trump: I'm a big fan of crypto because I want to keep it away from China

@bullcase