The S&P 500 was essentially flat on the week. It closed at 3934.83 last Friday and this afternoon it ended the week at 3,906.71. There was a lot of attention on Washington this week as the House Financial Services Committee conducted a hearing on the now infamous ‘Reddit Rebellion’ that shook the financial system severely, at least in terms of how capital was positioned. Was I the only one doing double takes trying to figure out whether Vlad Tenev was himself or ‘Roaring Kitty’ and vise versa? The coincidence in haircuts is one of those mysteries we’ll sadly likely never understand. Both probably are sick of hearing from the SEC. Our Washington Policy Expert, Tom Block, will discuss the hearing and its consequences or lack thereof. Hint, when House Financial Services Chairman Maxine Waters says something is ‘not political theater’ it might be best not to take her at face value.

The overall drop in markets wasn’t what we anticipated based on last week’s VIX drop but behind the mostly negative market moves this week there was significantly positive developments for the cyclically sensitive ‘Epicenter’ stocks that we have been recommending for coming on a year now. My colleague, Tom Lee, will discuss some of the intricacies of this past weeks market act...

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