Hello Reader, Last week I called Friday's jobs report the real test. The market flunked it. For nine straight weeks the only direction was up. Records on the S&P, records on the Nasdaq, retail all-in on the AI trade. Then the May jobs report dropped Friday morning and the whole thing fell apart in a few hours. The S&P lost 2.64%, the Nasdaq dropped 4.18%, and about $2 trillion in market cap just vanished. The chip index had its worst day since the 2020 crash and torched over $1 trillion by...