0:07
A Warning in Marble: Part 1 of the 5-part series.
Any wreckage seemed to have been wrought by angry hordes or, perhaps, by the emperors and kings who undertook “remodeling” when they seized power. You see it at most of these historical sites from antiquity. At the Parthenon in Greece, for instance, you learn that the structure withstood storms and fires and earthquakes for literally thousands of years. That is, until one afternoon in 1687.
A besieging army turned its guns on the temple, struck the gunpowder stored inside, and blew it open in a single blast. Boom.
0:37
Colorado progressives are putting congressional Democrats to a major test
The three most prominent Democrats in Colorado’s congressional delegation are in the hot seat on Tuesday as primary voters decide whether to back challengers pitching themselves as alternatives to the status quo.
Sen. John Hickenlooper faces a challenge from a self-described “insurgent progressive” who thinks it’s time for Hickenlooper’s long career to end.
Fellow Sen. Michael Bennet, by contrast, is trying to leave Washington, D.C. to become governor.
1:06
The Sunday Newsletter
Hi! Happy Monday (supposed to be Sunday)! While I totally meant to post yesterday, I’m getting to this a little late–I wasn’t feeling my best yesterday, but I hope everyone’s had a good week!
We’re getting further and further from Midsummer, but I wanted to give a little update on our successful Midsummer weekend! Last weekend I hosted a little Midsummer party with some friends in the backyard to celebrate.
1:30
Why Mamdani’s Socialist Wing Has Democrats Spooked as SCOTUS Expands Trump’s Power
Got a question for Scott or Jessica? We’re putting together a summer mailbag episode — send a short voice recording with your question to [email redacted]. We may feature yours on the show!
Jessica Tarlov and Scott Galloway break down the latest escalation in Iran, and whether the Trump administration still has a coherent strategy in the Middle East with a ceasefire that is rapidly breaking down.
Next, they unpack the major decisions coming out of the Supreme Court, including cases around mail-in ballots, the Temporary Protection Status of over 300,000 Haitians, and two opinions that further e
2:06
TTG EOD Market Review⚡: Positions, Themes & Global Trend Portfolio
Traders-
Here is your end of day recap:
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Huge Day for Large Cap Growth (VUG +2.5%)
Macro: Bonds TLT +0.1% / Dollar UUP -0.3% / VIX -4%
QQQ outperform +2.5%
Space, Cyber, Semis, Telecom, Clean Energy +
Materials, Metals -
Index Review SPY QQQ IWM
🎥 End of Day Market Recap Video
No Video Tonight
📈 % Change from Open + Themes 📉
🧰 “Out of the Box” Proprietary Stock Screen🧰
Notes Regarding the Below Lists:
Names trending above their Value Area on 3 different timeframes
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2:50
Volatility Collapse Fuels Rally as Market Leadership Narrows
Liquidity is due to thin out as we enter the second half of 2026, and at Navigating The Market, one of the things we focus on is changes in liquidity. Now is the time to join.
The Independence Day Sale is now live.
30% off Monthly and Annual subscriptions, permanently. Subscribe before July 5 at 11 pm, and the discount locks in forever. Not for a month, not for a year. As long as you stay subscribed.
If you’ve been following along and thinking about going paid, this is the week to do it.
Today felt pretty boring to me. I honestly didn’t pay much attention. For whatever reason, the 1-day VIX settled at 17.6 on Friday and then opened around 12 today. That collapse in implied volatility was the boost the market needed to get the indexes moving higher. Aside from a brief pullback early in the session, when the indexes gave back their initial gains, the rest of the day looked like steady volatility selling.
With Kevin Warsh speaking on Wednesday morning and the June jobs report due on Thursday, I would expect implied volatility to move sharply higher into both events. If that happens, it will probably be difficult for the market to sustain the momentum from today’s rally.
Meanwhile, as index implied volatility fell, single-stock implied volatility rose, with the VIXEQ climbing to 47.5 while the VIX Index declined to 17.6. That divergence pushed dispersion higher on the day and implied correlation lower. At 44.13, the Dispersion Index is already elevated. In recent years, it has only been higher during the COVID crash and the Tariff Tantrum.
It tells us a great deal about the current state of the market. With equity indexes pushing higher, single-stock implied volatility rising, and dispersion continuing to climb, investors appear to be chasing an increasingly narrow group of stocks. That combination suggests the market has become increasingly frothy, with momentum rather than broad participation driving gains.
In the meantime, I thought it was a really boring day, but with JOLTS tomorrow and a slew of data coming between now and the Jobs report on Thursday. I’m expecting the rate discussion will heat up again.
-Mike
Dispersion — The degree to which individual stock returns or implied volatilities differ from one another within an index.
Dispersion Index — A measure tracking the gap between index implied volatility and single-stock implied volatility, often used to gauge market concentration and stock-specific risk.
Implied Correlation — The market’s expected average correlation among stocks within an index, derived from options prices.
Implied Volatility — The market’s expectation of future price movement derived from option prices.
JOLTS — The Job Openings and Labor Turnover Survey, a monthly report measuring labor demand and workforce turnover.
Momentum — An investment characteristic where assets that have recently outperformed tend to continue outperforming over the near term.
VIX — The CBOE Volatility Index, which measures the market’s expectation of 30-day volatility for the S&P 500 based on options prices.
VIXEQ — The CBOE S&P 500 Equal Weight Volatility Index, which reflects implied volatility across equally weighted S&P 500 constituents rather than the capitalization-weighted index.
This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you.
7:02
GoldFix PM:
Housekeeping: good evening.
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7:17
StockQuakes - AI Stock Analyzer - 5000 Stocks Daily
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StockQuakes Top 10 Average Index Charts
StockQuakes identify noteworthy changes in the market. StockQuakes sizes can be small, medium, large, and huge. The Daily Top 10 UP Average Index is an aggregate value of noteworthy changes in stocks that ended the day with stock prices higher than they opened per our AI algorithms. The Daily Top 10 UP Average Index is HUGE today with a StockQuakes level of 14.65. Here is a chart of the Daily Top 10 UP Average Index values for the last 10 trading days.
Similarly, the Daily Top 10 DOWN Average Index is an aggregate value of noteworthy changes in stocks that ended the day with stock prices lower than they opened per our AI algorithms. The Daily Top 10 DOWN Average Index is MEDIUM today with a StockQuakes level of -4.59. Here is a chart of the Daily Top 10 DOWN Average Index values for the last 10 trading days.
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8:38
6/29/26: Bonus Show & Ad-Free Episode
Today’s bonus show & ad-free episode of The David Pakman Show are now available exclusively for Substack paid subscribers & website members.
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9:02
Kevin Kelly’s plan for the smallest library to restart civilization
Kevin Kelly, the Wired co‑founder who’s been tinkering with ideas about how we keep knowledge alive, is taking a page from a 1950s thought experiment by John von Neumann. Von Neumann was trying to figure out the tiniest set of parts a machine would need to rebuild itself, and Kelly is asking the same question about humanity: what’s the smallest collection of information that could jump‑start civilization if everything else vanished?
His answer is a “smallest library” that packs the essentials—basic physics, chemistry, agriculture, construction techniques, and a handful of cultural touchstones—into a self‑replicating digital bundle. He’s aiming for a few terabytes of curated content that could be copied onto any modest device and then spread outward, like a seed bank for ideas.
Kelly’s vision isn’t about hoarding data; it’s about creating a resilient, open archive that anyone could download, print, or rebuild. He wants the library to be stored on durable media, so even a future community with limited tech could access the instructions needed
