Market Trends & Trade - Trade deals and talks should matter a lot to the macro market, but much of it is already priced in [2] - The market is pricing in the absolute best-case scenario regarding a potential 90-day reprieve on trade issues [3] - The market yawned at the EU deal, indicating it was already expected [4] Risk Assessment & Market Sentiment - The market has shifted from complete risk aversion to complete risk acceptance in a matter of weeks [6] - There are signs of real froth in the market, with some describing it as a "flight to crap" [6] - The market is seeing levels similar to 2021 when money was free, which is worrisome [11] - "Flight to crap" is the opposite of "flight to quality," where investors seek maximum risk [8][9] Meme Stocks & Speculative Trading - Meme stocks and companies with no earnings are seeing bids, and SPACs are back [5] - Individuals were buying the market in April, and risky trades have worked for them [10] - The activity surrounding meme stocks is more akin to gambling than investing [12] - Options activity often precedes social media hype for meme stocks, with peaks occurring shortly after the market opens [13] Company Specific Concerns - Kohl's bonds are trading around $0.70 on the dollar, indicating potential troubles ahead [14]