According to Eric Balchunas, ETF flows are showing signs of investor anxiety, with $GLD (gold), $BIL (cash), and $SH (-1x SPX) among the top five, indicating a shift towards safety. Despite this, $VOO continues to attract cash, reflecting consistent dollar-cost averaging by Vanguard investors. However, there is a noticeable slowdown in dip buying, suggesting cautious market sentiment.

According to The Kobeissi Letter, the United States has reported a staggering two-month goods trade deficit of $301 billion as companies rush to import goods ahead of anticipated tariffs. This unprecedented deficit, which is reportedly double the typical figures for similar periods, indicates significant market anxiety and could impact currency valuations and trade policies. Traders should monitor adjustments in tariff policies and potential impacts on import/export businesses.