Wheaton Precious Metals posted a net profit margin of 77.1% in Q3 2025. Most people don't know what that means in context. Here is the comparison: Apple's net profit margin: approximately 26%. Google's net profit margin: approximately 29%. Microsoft's net profit margin: approximately 36%. Wheaton Precious Metals: 77.1%. A mining company out-margining every major technology company on Earth. Here is why: They do not mine anything. They signed contracts years ago to buy gold at $650/oz and silver at $12.50/oz — fixed forever. When gold hits $4,500 and silver hits $76, every dollar above those fixed costs is pure profit. In Q1 2026 they generated $901 million in revenue and $582 million in net earnings. $WPM

$SPCX SpaceX went public Friday. Ticker: SPCX on Nasdaq. Valuation: $1.75 trillion. Amount raised: ~$75 billion. Largest IPO in history — by both measures. The company that redefined rocket launches, built Starlink, and cut NASA's costs by billions just became a public stock. Now the real question: can the revenue justify $1.75 trillion? Not financial advice. $SPCX

Setting up for Monday / FOMC week: 3 scenarios traders need a plan for: 1/ Warsh drops easing bias, neutral tone → risk-on rally. Watch: SPCX, OSCR, tech 2/ Warsh signals rate hike possible → dollar strength. Watch: gold miners short-term pain, energy 3/ Warsh surprises dovish → gold rips. Watch: GDX, KGC, NEM, silver You don't need to predict which happens. You need to know what you're doing in each scenario. What's your plan?

What this week just told us: → SpaceX went public. $2.1T valuation. Largest IPO in history. → CPI 4.2% — headline hot, core 0.2% MoM actually soft. → ECB hiked. Global central banks moving hawkish. → FOMC Tuesday — Warsh's first meeting. Easing bias likely gone. → Iran peace talks are moving. Oil pulling back. The market that went into this week is not the market that came out. Everything resets Tuesday at 2pm ET. Be prepared. Not reactive.

Gold miners are at a crossroads. Gold peaked at $5,589 in January. Now trading near $4,240. That's a 24% correction from the all-time high. But here's what the bears are missing: Core CPI just printed 0.2% MoM — below estimates. The Iran oil shock is structural, not permanent. JPMorgan's 12-month target for gold: $6,000/oz. Gold miners (GDX, KGC, NEM) are pricing in the fear. They are not pricing in the structural thesis. Warsh's FOMC tone Tuesday could be the catalyst that resets this trade.

$OSCR has the cleanest breakout setup I've seen in weeks. Oscar Health. Insurtech. Not a household name. What I'm watching: • Highest conviction bullish score in the financial sector screen • Volume confirmed the move — not a fake-out • Bullish momentum intact Only risk: volatility has increased. I'd be tightening stops here. This is the kind of name that gets crowded fast once it starts trending. It hasn't trended yet.

CPI came in at 4.2% YoY in May. Three-year high. The number most traders missed: Core CPI rose just 0.2% month-over-month — below the 0.3% estimate. That gap matters. Energy drove over 60% of the monthly increase. Services inflation is NOT accelerating. If the Iran oil shock fades, so does the headline number. The Fed knows this. FOMC Tuesday. Warsh's first move as chair. This is the most important rate decision in 18 months.

Which sector wins if Iran peace deal closes?

5 setups I'm watching into the FOMC week: $SPCX — watching the post-IPO consolidation zone. $149 support matters. $NLST — up 328% in a year. Extension risk is real. But the trend is the trend. $OSCR — highest-conviction breakout on my screen. Volume confirmed. $CORT — strong buy signal. RSI elevated — I want a pullback entry. $GDX — gold miners base-building. JPM sees $6,000 gold by Q4. One of these will be the cleanest setup by Monday open.

Is $SPCX worth buying after a 19% IPO pop?

My highest conviction setup heading into next week is not a single stock. It's a thesis: Energy-driven inflation is peaking. Core CPI printed 0.2% — below consensus. Iran peace talks are active. If oil pulls back, the headline inflation number follows. That changes the rate hike narrative. That changes gold. That changes tech multiples. That changes everything. The one trade I'm watching most closely: gold miners on a breakout above resistance post-FOMC. $GDX. $KGC. $NEM. JPMorgan's target: $6,000 gold by Q4 2026.

Everyone is talking about SpaceX's IPO pop. Almost nobody is talking about what the data actually shows: • IPO price: $135 • Day 1 close: $160.95 ( 19%) • Market cap day 1: $2.1 trillion • EPS (TTM): -$2.94 (unprofitable) • Implied revenue multiple: ~110x trailing revenue This is not a value trade. This is a mission trade. The market is betting on Starlink's monopoly economics — not current earnings. Understanding that distinction is the whole thesis. $SPCX

The biggest IPO in history just closed its first week. SpaceX (SPCX) priced at $135. Closed day one at $160.95. Market cap: $2.1 trillion. Now the real question traders aren't asking: What does a $2.1T aerospace/AI/satellite company do to the S&P 500 weighting math? And does FOMC on Tuesday change that answer?