<h3><strong><a href="https://themarketear.com/posts/c2WH4UX8jO">Higher for longer</a></strong></h3><p>US 10 year bounced perfectly on the big trend line, and is now reaching the short term negative trend line. This last move higher has taken most by surprise. Note we are above all major moving averages as of today...</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff81d4775-5477-42ea-a054-342e85df9570_1326x884.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/c2WH4UX8jO" rel="noopener noreferrer" target="_blank">Higher for longer</a>" class="sizing-normal" height="884" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff81d4775-5477-42ea-a054-342e85df9570_1326x884.png" title="<a href="https://themarketear.com/posts/c2WH4UX8jO" rel="noopener noreferrer" target="_blank">Higher for longer</a>" width="1326" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cS-4LqJMMw">That inflation connection</a></strong></h3><p>US 10 year breakevens squeezing hard...</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc8fcee6-a2f9-4df2-81f4-ce3cb88cace8_1342x853.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cS-4LqJMMw" rel="noopener noreferrer" target="_blank">That inflation connection</a>" class="sizing-normal" height="853" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc8fcee6-a2f9-4df2-81f4-ce3cb88cace8_1342x853.png" title="<a href="https://themarketear.com/posts/cS-4LqJMMw" rel="noopener noreferrer" target="_blank">That inflation connection</a>" width="1342" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/chLky2Y95K">Rates and oil</a></strong></h3><p>The perfect "connection" stays in place...</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76251f01-4ab1-49df-9dc5-716f4c3859c6_1341x877.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/chLky2Y95K" rel="noopener noreferrer" target="_blank">Rates and oil</a>" class="sizing-normal" height="877" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F76251f01-4ab1-49df-9dc5-716f4c3859c6_1341x877.png" title="<a href="https://themarketear.com/posts/chLky2Y95K" rel="noopener noreferrer" target="_blank">Rates and oil</a>" width="1341" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cR86Cl4JP_">Not all stress is moving lower</a></strong></h3><p>Bond volatility, MOVE index, is squeezing hard. The short term gap between rates and equity volatility is once again very wide.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcff361e3-64e2-42e4-8ac3-2a642a605b01_1351x866.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cR86Cl4JP_" rel="noopener noreferrer" target="_blank">Not all stress is moving lower</a>" class="sizing-normal" height="866" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcff361e3-64e2-42e4-8ac3-2a642a605b01_1351x866.png" title="<a href="https://themarketear.com/posts/cR86Cl4JP_" rel="noopener noreferrer" target="_blank">Not all stress is moving lower</a>" width="1351" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cepJc4-C9d">JPY perfection</a></strong></h3><p>The perfect trend channel stays intact for now...</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6bcf653c-2c22-4b2e-ba4d-e66639816932_1296x872.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cepJc4-C9d" rel="noopener noreferrer" target="_blank">JPY perfection</a>" class="sizing-normal" height="872" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6bcf653c-2c22-4b2e-ba4d-e66639816932_1296x872.png" title="<a href="https://themarketear.com/posts/cepJc4-C9d" rel="noopener noreferrer" target="_blank">JPY perfection</a>" width="1296" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cXpuS95mkb">The long long</a></strong></h3><p>Non dealers are running a massive SPX long.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd30488e1-ea22-4f59-96a4-e252381302af_654x514.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cXpuS95mkb" rel="noopener noreferrer" target="_blank">The long long</a>" class="sizing-normal" height="514" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd30488e1-ea22-4f59-96a4-e252381302af_654x514.png" title="<a href="https://themarketear.com/posts/cXpuS95mkb" rel="noopener noreferrer" target="_blank">The long long</a>" width="654" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: GS</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cCntWACmx3">The Tesla melt up</a></strong></h3><p>On June 26 (<a href="https://themarketear.com/newsletters/24639640244009322b2b986fd4fd9afe">here</a>), we outlined the short term bullish Tesla logic (credit to MS and GS). The stock has squeezed aggressively since then. The big negative trend line comes in around these levels, but note we are trading above the 200 day for the first time a while, as well as the fact we could be seeing the 50 day cross the 100 day.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F124fb987-4a2a-4baf-afa1-48a3b3487db5_1331x877.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cCntWACmx3" rel="noopener noreferrer" target="_blank">The Tesla melt up</a>" class="sizing-normal" height="877" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F124fb987-4a2a-4baf-afa1-48a3b3487db5_1331x877.png" title="<a href="https://themarketear.com/posts/cCntWACmx3" rel="noopener noreferrer" target="_blank">The Tesla melt up</a>" width="1331" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cQOWzqXcJY">Bitcoin's range mania</a></strong></h3><p>Bitcoin is the king of mean reversion trading. You buy range lows, and sell range highs. We pointed out the set up in late June (<a href="https://themarketear.com/newsletters/bed69491a4b4f78434f767a569d8137f">here</a>). Note the big trend line comes in right at range lows, and the 200 day is slightly lower.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3e58ec1-bb8a-4153-935a-e12a5636e729_1306x884.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cQOWzqXcJY" rel="noopener noreferrer" target="_blank">Bitcoin's range mania</a>" class="sizing-normal" height="884" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3e58ec1-bb8a-4153-935a-e12a5636e729_1306x884.png" title="<a href="https://themarketear.com/posts/cQOWzqXcJY" rel="noopener noreferrer" target="_blank">Bitcoin's range mania</a>" width="1306" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cYLfSU-8_i">1st percentile</a></strong></h3><p>Realized correlation is approaching 5 year lows and SPX 10-day realized volatility is sitting at a 5-handle, the 1st-percentile over the last 3 years. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc46ad60-2099-439e-91cf-3cfffd9130ab_1395x710.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cYLfSU-8_i" rel="noopener noreferrer" target="_blank">1st percentile</a>" class="sizing-normal" height="710" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbc46ad60-2099-439e-91cf-3cfffd9130ab_1395x710.png" title="<a href="https://themarketear.com/posts/cYLfSU-8_i" rel="noopener noreferrer" target="_blank">1st percentile</a>" width="1395" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: GS</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cxPaXl-2yl">Pandemic savings have dried up</a></strong></h3><p>Unlike in 2022, US households no longer hold significant excess savings.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ab60f3c-1eee-4d5f-853a-ec8f7a2fbfee_569x500.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cxPaXl-2yl" rel="noopener noreferrer" target="_blank">Pandemic savings have dried up </a>" class="sizing-normal" height="500" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ab60f3c-1eee-4d5f-853a-ec8f7a2fbfee_569x500.png" title="<a href="https://themarketear.com/posts/cxPaXl-2yl" rel="noopener noreferrer" target="_blank">Pandemic savings have dried up </a>" width="569" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: BCA</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/chie-VvTVs">BE IN THE KNOW, BEFORE EVERYONE ELSE</a></strong></h3><p>A PREMIUM MEMBERSHIP GIVES YOU THE CRITICAL ADVANTAGE.</p><p>SIGN UP <a href="https://www.zerohedge.com/signup?utm_source=zerohedge_site&utm_medium=tme_website&utm_campaign=premium&utm_content=tme_website_link">HERE</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04c38f6a-1ffc-40e0-ad8c-113890bd2400_1792x1024.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/chie-VvTVs" rel="noopener noreferrer" target="_blank">BE IN THE KNOW, BEFORE EVERYONE ELSE</a>" class="sizing-normal" height="832" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F04c38f6a-1ffc-40e0-ad8c-113890bd2400_1792x1024.png" title="<a href="https://themarketear.com/posts/chie-VvTVs" rel="noopener noreferrer" target="_blank">BE IN THE KNOW, BEFORE EVERYONE ELSE</a>" width="1456" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div>