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1. 9 of 11 S&P Sectors Positive for 2025

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2. The Other 493 Outperforming Mag 7 by 12% YTD

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3. Energy ETF Leading Sector…No Breakout Yet

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4. Another 25^th Anniversary of Internet Bubble Chart: Up 15% in a Month then -50% from Highs

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5. Investors Remain Concerned About Inflation

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6. Buffered ETFS

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7. China and U.S. Buying 80% of Venezuelan Crude

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8. The U.S. has Run a Trade Deficit Every Year Since the 1970’s

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9. Navy Next Big Ship Exceeds Budget by $1.3 Billion…10% Done After 2.5 Years

Navy Frigate USS Constellation Only 10 Percent Done after 2.5 Years.

Via 1945: Physical construction began on the United States Navy USS Constellation in the middle of 2022. After over two and a half years, the ship is only 10 percent complete, according to a person familiar with the timeline.

At this pace, including the two years of design development before the building began, the ship will only be complete after nine years.

This span is twice the number of years that it would take an Italian shipyard to build the naval vessel.

The US Navy and the ship’s designers based the design of the Constellation on Italy’s Fincantieri.

The Constellation is the first of what is supposed to be a line of 20 ships.

However, even though it is being built to the original Italian design specifications, the Constellation is now projected to exceed the budgeted initial cost estimate of $1.3 billion.

Constellation was expected to be ready for commissioning in 2026. The Navy set a short timeframe for the ship’s launch because it chose a proven design, which was supposed to accelerate the production cycle. 

Construction of the Constellation has presented production cycle headaches due to an extended construction time of twice the expected time to complete the Constellation, cost overruns of nearly 50 percent, problems with rising steel costs, and numerous other factors.

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10. Global Developments: Military spending is beginning to rise after a prolonged period of decline

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