Hello, fellow rebel capital. I hope you're well. I am here at Hugh Hendry's place in, fabulous,

St. Bart's. But, hey, we got a lot to talk about. Stocks plunging today. We've got recession

odds going up. We've got expectations for Fed rate cuts. Bitcoin, just tanking.

At one point today, I saw it was down, what, maybe 76, I think currently maybe 78, 10-year

treasury, down 10 basis points today.

I mean, at the stock market, I don't know if you heard this, but stock market at one point

in time, today was down 1,100 points.

And this is on top of the sell-off we have had, what, for the last two weeks.

So it really is kind of playing out with this hypothesis we've had on this channel that maybe,

just maybe, the narrative is changing.

And we're going from bad news being good news to maybe, maybe bad news is bad news.

There are no certainties, only

probabilities, but boy, oh boy, the market does not like what's going on. In fact, just in the

last few weeks. So it's really getting crazy. Like I said, 2025, most likely never going to be a

dull moment. That's exactly what we're seeing play out in markets today.

So let's do the screen share and get over to the specifics.

I want to go over to the CNBC homepage.

And let's do a refresh here.

Yeah, so Dow closed down 890 points.

They say the NASDAQ suffers the worst day since 2022 as recession fears erupt.

Their words, not mine.

And what was really, I thought quite fascinating is you didn't really have any news

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