Traders,

Who had a market pullback on their bingo card for 2026?

We did (but we’re not naive enough to believe we were the only ones) and we discussed it in the 2026 Market Outlook Dan gave in December.

Election years are notorious for pullbacks, this is empirical data, not subjective opinion - and we’re getting that now.

Where it get’s worse is if oil breaches $100, then we have real problems.

I did call this move two weeks ago in this letter to all of you.

This is what I said below in this issue here.

This is a price-action and options flows letter, not some macro letter that tries to predict recessions or cease fires by reading the magic tea leaves that others purport to do.

Price action leads the way, if, you know how to read it.

Fortunately for me, and fortunately for all of our readers, I learned this 10 years ago after meeting Dan.

This means no more:

We focus on price-acton and unusual options flows.

So let the charlatans yap about macro, pointless news headlines and whatever it is they do — we’re going to continue to print money whether the $SPY ( ▼ 0.04% ) is +10% or -10%.

✅ This week in the letter we are going to cover: