Good Morning. In 1971, the U.S. used a battleship to deliver gold. When the U.S. returned $300 million worth of gold to West Germany, it didn’t use a bank wire, it used the USS Warrington, a destroyer-class Navy ship.

Because when you’re shipping literal tons of gold bars... you don’t FedEx it.

-Jonathan Kibbler, Jordon Mellor, Pat Lewis

WATCH

MARKETS

Prices supplied by Google Finance as of 4:00am ET - stock prices as of close. Here is what the prices mean.

TRADER INSIGHTS

Have you ever heard of chart mapping?
No? Well it might be something that you should be interested in.
You know over here we are into our fundamentals and macro news and trying to understand the narrative within the market.

Chart mapping can help traders audit market behaviour, reveal underlying sentiment, and sharpen your decision making.

You know over here we are into our fundamentals and macro news and trying to understand the narrative within the market.

Chart mapping can help traders audit market behaviour, reveal underlying sentiment, and sharpen your decision making. 

Being able to connect price action with the narrative driving the market can provide a key edge. 

Here are three tips to help you turn your charts into a map of market psychology. 

One way I go about this is by adding little text flags on the day of any major news event, macro data releases, central bank announcements, geopolitical headlines, and many more. 

Here’s an example of how I have done it on Crude Oil. You can see that I have mapped on the chart each day that a market moving event has occurred, which tells me how the market reacted and how important it may have been. 

Look at the difference between supply and demand issues on the chart. When OPEC+ announced an increase in production after ‘liberation day’ the price fell. When the US President Trump paused trade tariffs the market rebounded. 

You can also annotate the chart with forecasted vs actual outcomes of key data. This is harder to do with headlines, but for instance with a EUR/USD chart you could map US CPI, what happened, what was forecast and how the market reacted. 

This will help you understand if the data that is being released is leading to a rational move or an unexpected one. You may be surprised by the data that is driving the market at that particular time, and you can gear your ideas to those market moving events. 

This is the most important one to think about. Is the key event or headline driving the narrative behind the move, or is that narrative beginning to shift? If you can work this one out then you’re going to be just fine. 

Looking back at the oil example, we can see that oil prices dropped significantly after OPEC+ announced an increase in production on Friday 4th April. A separate headline April 23rd suggested OPEC+ would potentially increase output, leading to price falling. However, on May 5th when the news was set in stone that OPEC+ had agreed to increase production the price rose. You see the narrative was being built for over a month before that point, so when the news dropped the narrative didn’t stick because the news had been priced in by the market. 

Mapping key events on your charts can help you form a deeper understanding of markets, and the narrative that drives them. When you understand why price is moving, you’re better able to judge whether it’s likely to continue, fade, or do nothing. 

Speak soon!

-Jonathan Kibbler

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MARKET ANALYSIS

Naturally, most of us scroll right past headlines about incoming financial regulations. America’s Congress is typically a lot of talk, no bite; and any headlines that are actually exciting usually turn out to be nothing, or go nowhere. But the GENIUS Act currently winding its way through Congress? This one is a little different. That dry-sounding "Guiding and Establishing National Innovation for US Stablecoins" bill could actually change how money moves, in your lifetime. And whether you're the type who checks crypto prices daily or just uses Venmo to split brunch bills, here's why you might want to pay attention.

Stablecoins have always been crypto's quiet workhorses - those unglamorous digital tokens pegged 1:1 to the dollar that let traders dodge volatility without cashing out to banks. They power everything from cheap international money transfers to the DeFi apps that traditional finance still doesn't understand. What most people miss is that stablecoins already process more daily volume than Bitcoin and Ethereum combined. They're the invisible rails the crypto economy runs on, and Washington is finally laying down some ground rules.

The GENIUS Act wants to bring stablecoins out of the regulatory shadows by forcing issuers to actually prove they have the cash reserves they claim. Think monthly transparency reports showing real dollars and Treasury bills backing each token. On paper, this sounds great - no more sketchy operators pretending their stablecoin is backed by "trust us bro" math. But the bill's fine print has some surprising twists that could reshape finance way beyond crypto. -Patrick Lewis

GAMES

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ANSWER

Answer: B – The 2-Year Treasury. It reacts the fastest to changes in rate expectations.