Yesterday was another session that seemed doomed out of the gate, certainly after an early bounce fizzled, as would be buyers stepped back. There wasn’t panic, but there is mounting frustration.

There was nowhere to run and nowhere to hide outside of low vol.

Fear Gauge

The VIX (fear gauge) moved higher.

Fear In Individual Names

There is extremely heightened fear when it comes to individual names in the market. These kinds of readings are considered contrarian indicators – in other words, good news.

It's a sign that nobody is taking the rally for granted.

The Inflation Question

I don’t think the CPI report will influence the FOMC decision next week. Monthly core came in better than expected.

This morning, the monthly core PPI came in at 0.4 versus the consensus of 0.5. On a year-to-year basis, core PPI came in at 4.9; the street was looking for 5.4. The Fed is not going to hike rates next week, and I am still in the camp that says the next move from the FOMC will be a rate cut.

Oracle’s Grand Ambitions

Shares of Oracle (ORCL) are down on news that the company plans to raise $40.0 billion (half from debt and half from equity).

The other development is a $638 billion backlog (+363%). This is huge but not reflected in the share price.

Watching the Chips

There is no doubt the semiconductor (SOX) story is not in the final chapters, even though ardent bulls think there could be more to the current pullback.

I think the semis will turn soon and resume their upside march.

Today’s Session

Retail investors are getting very spooked. I get the anxiety, but those who have been opportunistic over the last several years have reaped monumental returns.

Most Intriguing Headline

I get the sense the market and Americans would like to see the Iran Conflict over sooner, even if it means a step up in military actions.

Comments

I could not agree more with your thoughts on the Iran conflict. The only thing that moves the needle is action. Time is on Iran’s side. The “Hope and Change” approach did not work and will not work. Darrin Marthens on 6/11/2026 2:06:10 PM

I find it absolutely hilarious how all the political talking heads have been discussing the Iran conflict in their echo chambers, thinking that the outcome was in doubt and the mid-terms were at risk. Add to that the delusion that the IRGC would ever- repeat ever - actually give up their nuclear dust and control of the Strait. It will not happen. Full stop. So the entire "dance" with Iran was done to give them the chance to surrender, which they won't do, and then we bomb them into the Stone Ages and take over Kharg Island and the Strait. Some things are ridiculously simple, and this is that simple. So take it to the bank, with the rise in the stock market, when the rest of the world finally realizes this is a done deal, and is 100% successful. It's buy time!!! Steve Fifer on 6/11/2026 3:11:48 PM

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