Last weekend’s Fog of War T-Report listed “lack of liquidity” as our number one fear, and even Friday’s “positive” price action was highly suspect! We remain incredibly concerned about liquidity and market structure (leveraged ETFs, momentum strategies masquerading as passive, 0DTE, etc.). Much of the rest of last weekend’s report focused on jobs and the economy – which to us crystallized on Friday as – 25 bps in September. We think markets will struggle with a “plodding” Fed and that seemed to play out. This isn’t about what “we” think the Fed “should” do, but what the Fed “will” do. ... First Fridays & Gell-Mann Amnesia Effect