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Here we go.. as of now, equity futures point to a positive market open and we’re getting headlines about Pres. Trump’s visit with China’s Pres. Xi.

US clears H200 chip sales to 10 China firms as Nvidia CEO looks for breakthrough

US Says China Wants More Of Its Oil to Cut Middle East Reliance

Trump, Xi Discussed Raising Purchases of American Crops, US Says

China Renews Import Permits for US Beef Plants as Xi, Trump Meet

But also…

Xi tells Trump that mishandling of Taiwan could spark conflict

White House has few tools for gas-price relief as Iran war drags on

And..

Cerebras set for debut in stock market gripped by AI mania

Cisco jumps on strong revenue forecast, AI push with job cuts

As you can see, we’re going to have a lot to talk about today, and we’ve got more than 2 hours until the market open. 

Get some coffee, and let’s get ‘er done. 

Position: None

After-Hours % Advancers

After-Hours % Decliners

Position: None

Closing Volume

– NYSE volume 9% above its one-month average

– NASDAQ volume 7% above its one-month average

– VIX index: down 0.61% to 17.88

Breadth

S&P 500 Sectors

% Movers

Nasdaq 100 Heat Map

Closing S&P 500 Heat Map

Position: None

I have re-shorted Tesla $TSLA at $444.95.

Position: Short TSLA (VS)

Out here in the fields
I fight for my meals
I get my back into my living
I don’t need to fight
To prove I’m right
No I don’t need to be forgiven
No no no no no no no Don’t cry
Don’t raise your eye
It’s only teenage wasteland

– The Who, Baba O’Riley  Teenage Wasteland by The Who

I added to PepsiCo $PEP at $149.47 and $PG at $142.22 longs this afternoon.

Position: Long PEP (S), PG (S)

I took a small trading profit in $PSUS at $42.25

Position: None

It's official:

Nvidia, $NVDA, has surpassed silver as the second largest asset in the world, worth $5.52 trillion.

Google is less than 4% away from becoming the second company in history to hit $5 trillion in market cap.

We are witnessing a historic technological revolution. pic.twitter.com/6mAP2QGHRX

— The Kobeissi Letter (@KobeissiLetter) May 13, 2026

Position: None

* Mama mia, mama mia!

* Carry on, carry on as if nothing really matters… 

Is this the real life? Is this just fantasy?
Caught in a landslide, no escape from reality
Open your eyes, look up to the skies and see
I’m just a poor boy, I need no sympathy
Because I’m easy come, easy go
Little high, little low
Any way the wind blows doesn’t really matter to me, to me

– Queen, Bohemian Rhapsody

Inflation rising and interest rates higher, breadth with a foul odor, equal-weighted S&P underperforming the S&P Index, etc etc:

Sometimes I wish I never shorted at all…

Note: I will be traveling tomorrow!  You will be in the capable hands of Chris Versace.

See you back on Friday morning!!!