📈Ithaca Protocol Market Update 

► India | Pakistan escalation? India trade deal + US military umbrella ( AICUS but also Russia’s ally; Pakistan strong China ally. 4D chess 

► White House / Amazon fracas on displaying tariff impact on prices 

► Consumer expectations component lowest since 2011

► Trump headline exhaustion rally continues in low volume but broad-based strength, vol lower, oil lower, treasuries stronger 

► HF leverage still at 5% percentile leverage, CTAs max short, VolTa funds 4% percentile 

► SuperMicro down almost 20% in spot results

► Advance GDP Q1 qoq saar -1.8% by JPM; surge in imports ahead of tariffs, that will be corrected ( if this the right word ) in Q2, this isn’t the recession yet