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Ripple Effect

Markets Still Bet on a Deal

Loading ...Addison Wiggin

June 3, 2025 • 52 second read


tariffstrade deals

Markets Still Bet on a Deal

President Trump’s 90-day tariff pause is more than half over – just 35 days remain.

Despite some positive headlines driving retail investors into the stock market, few significant deals have been inked.

Market investors aren’t the only ones who remain bullish. Betting markets also see a 66% chance — two-to-one odds — that President Trump will remove reciprocal tariffs.

Turn Your Images On

If the markets are wrong, we could be in for another round of what we call the Great Fire – part of President Trump’s plans for a Great Reset of the U.S. economy focused on private-sector growth and keeping a lid – if possible – on government spending.

If some big trade deals are announced, markets may first break to new all-time highs before the next pullback instead.

If anything, that suggests that markets are rapidly coming to an inflection point this summer. And why the Federal Reserve is hesitant to make any changes to interest rates here.

~ Addison

P.S. As always, your reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)


The Hindenburg Five

February 24, 2026 • Addison Wiggin

The stock market “rebalancing” is a polite way to put it. Energy and health care are getting a healthy boost. But tech hardware and software makers are still getting dressed down and have been asked to report to the principal’s office.

The great rotation underway has triggered a series of “Hindenburg Omens.” Five have occurred in recent weeks.

The Hindenburg Five
Piercing The Veil

February 23, 2026 • Addison Wiggin

The S&P 500 has traded in a 3.7% range over the past two months — less than half the 20-year median of 8.6%. One of the tightest ranges in modern history.

In trader parlance, the indexes are “flat,” a setup that often materializes before a sell-off at the top after a multi-year bull market.

Goldman Sachs told its own traders to be aware that institutional trading activity resembles a VIX reading near 35. Rather than a reading of 20, where the VIX has been trading over that same 2-month period.

The U.S. software ETF, IGV, tested its April 2025 lows last week and trades roughly 35% below its peak. The “SaaS-pocalypse” in software companies reflects the fear of Citrini’s 2028 scenario happening in real time.   That divergence now exceeds the spread seen at the peak of the Great Financial Crisis.

Under the surface, the “great rotation” we wrote about last week is threatening to widen.

Piercing The Veil
Oh. Canada

February 23, 2026 • Addison Wiggin

Despite its overly-educated 40-million-plus population, on a GDP per capita basis Canada is null. Collectively, the Great White North would rank as America’s second-lowest state, coming in above Mississippi, but below Alabama.

Oh. Canada
Matt Milner: SpaceX + xAI: What It Means for You

February 20, 2026 • Addison Wiggin

SpaceX is the most valuable private startup in history — and if its success continues, it might become the most valuable public company in history.

After all, as Musk famously said in 2023, “I have never lost money for those who invest in me and I am not starting now.”

For investors, SpaceX has been a wild, joyful ride — and now the journey continues!

Matt Milner: SpaceX + xAI: What It Means for You