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☕️ GM Munchers! At this point, the market’s got more mood swings than a toddler coming off a sugar high — and we’re just trying to trade before the next tantrum.

On today’s menu:

• 📉 Historic Reversal

• 🚀 Microsoft Surpasses Apple

• 🧠 How Do You Know What FX Pair to Trade?

• ✅ Ripple Acquires A Major Broker

• 😬 This Prop Firm Banned A Trader

BREAKING NEWS

📉 Historic Reversal

Well, traders, pour one out for the market's dignity—we just witnessed history, and not the kind you brag about at cocktail parties.

Tuesday's trading session started with all the optimism of a golden retriever at a tennis ball factory.

The S&P 500 began its day flashing an ALL GREEN heat map, with heavyweights like $MSFT ( ▲ 1.86% ), $NVDA ( ▲ 3.12% ) , and $TSLA ( ▼ 0.04% ) leading what looked like a recovery rally pushing toward 5300.

Then reality entered the chat.

By closing bell, the market had executed the largest intraday reversal in history, even larger than 2020, 2008 and 2001.

We're talking about the S&P erasing a ~4.5% rally in just ~3 hours, ultimately closing at 4,982.77—down 1.57% for the day and below 5,000 for the first time since April 2024.

Between 10:30 AM ET and 3:15 PM ET, the market vaporized $2.3 TRILLION in market cap.

That's "trillion" with a "t"—as in "terrifying" or "thanks, I hate it."

So what caused this magnificent face-plant?

Two words: tariff drama.

The carnage came as President Trump's ultimatum reached deadline day.

His Truth Social post had been crystal clear: if China doesn't withdraw its 34% tariff by April 8th (yesterday), the U.S. would impose ADDITIONAL 50% tariffs, effective April 9th (today).

With China declaring it would "fight to the end," markets finally processed the reality of a cumulative 104% tariff rate.

The casualties were numerous:

• Dow Jones: Tumbled 320.01 points (-0.84%), closing at 37,645.59

• S&P 500: Down 1.57%, closing at 4,982.77

• Nasdaq Composite: Plunged 2.15% to 15,267.91

• Apple: Closed nearly 5% lower after rising more than 4% earlier (and down 23% over four sessions)

• Total damage: The Dow's four-day "tariff angst" has now exceeded 4,500 points

The People's Bank of China meanwhile set the midpoint rate for onshore yuan at 7.2038 per dollar—its weakest level since September 2023.

For traders, this bull trap exemplifies the textbook sign of a bear market.

Remember: markets started Tuesday with that beautiful green heat map pushing the S&P nearly 450 points ABOVE Monday's lows. But as one analyst put it, "it simply did NOT make sense."

The lesson? When something in markets doesn't make sense, it eventually has to. Usually painfully.

Now if you'll excuse me, I need to check if my 401(k) statements come with complementary tissue paper.

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STOCKS

🚀 Microsoft Surpasses Apple

Apple may have invented the “i” but lately it’s been all about the “L.”

After a brutal 23% slide over the last four trading sessions, Apple has officially handed over its crown. Microsoft is now the world’s most valuable public company… again.

As of Tuesday’s close:

• 📉 Apple’s market cap: $2.59 trillion

• 📈 Microsoft’s market cap: $2.64 trillion

What’s causing the shift?

Three letters: T-A-X.

Specifically, Trump’s new tariff plan, which hits Apple harder than any other megacap stock.

The iPhone maker gets more than 90% of its manufacturing from China, which is now facing a 104% tariff on goods imported into the U.S. That’s on top of 26% tariffs on India, another Apple hub.

So yeah… Cook’s supply chain is cooked.

To make matters worse, UBS thinks the iPhone 16 Pro Max could spike by $350 in the U.S. just to offset the new costs.

And Apple’s gross margins?

Analysts expect them to shrink from 46.8% to 41.6% by 2026 if this keeps up.

Meanwhile, Microsoft is sitting pretty.

Despite weak guidance back in January, Jefferies analysts say Microsoft is one of the most “insulated” stocks from tariff chaos thanks to its software-heavy business.

The two giants were neck and neck earlier this year, each flirting with a $3T market cap.

Apple even reclaimed the title briefly in January. But after this week’s carnage, it’s Microsoft back on top.

It’s giving us serious “Satya Nadella vs. Tim Cook in a cage match” vibes — but instead of punches, it’s tariffs and earnings reports.

FOREX

🧠 How Do You Know What FX Pair to Trade?

With everything going haywire right now — stocks swinging 5% intraday, gold tanking, Bitcoin faking strength, and the U.S. dollar bench pressing its way to new highs — it’s easy to get overwhelmed.

So let’s talk about something every trader’s asked themselves at some point:

"Which FX pair should I even trade right now?"

Some traders like to marry EURUSD or USDJPY. Others date around with 15+ pairs on their watchlist like they're on a Forex version of The Bachelor. But in a market like this, having a strategy is more important than ever.

Here’s the real secret:
🧠 You’re not trading a currency. You’re trading sentiment.

To catch the biggest moves, you don’t just want volatility — you want divergence. That means pairing strength against weakness.

And to find that? You need to understand risk sentiment.

Let’s break it down:

• 💚 Safe haven currencies: USD, JPY, CHF
  These tend to perform well when markets are in panic mode. If fear is rising and equities are falling, these are your defensive plays.

• ❤️ Risk-on currencies: AUD, NZD, CAD
  These thrive when the mood is optimistic — when markets are rallying, growth is up, and traders are feeling bold (aka not now).

So in this environment?

The play isn’t AUD vs NZD — that’s like watching two tired kids slap-fight.
The move is USD vs AUD, or JPY vs NZD — something with real conviction behind it.

You don’t need to trade every pair. Just find where the sentiment is strongest (or weakest) and build your setup from there.

Trade the narrative, not just the numbers.

And remember — the best traders don’t watch everything. They watch the right thing.

PROP FIRMS

🤑 Wednesday Motivation

🚀 Pre-Market Fuel

1. This prop firm banned a trader. What do you think?

2. Ripple acquired Hidden Road for $1.25 billion, making it the first crypto company to own and operate a global, multi-asset prime broker.

3. Former Treasury Secretary Larry Summers says the U.S. is likely headed toward a recession.

4. Clothing store Fabletics is now putting a tariff surcharge fee on receipts.

5. A non-trading related quote that got us thinking.

🍪 Munchy Memes

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