Nvidia won permission from Trump to ship its H200 AI chip to China in exchange for a 25% surcharge.The BoJ plans to ramp up government bond buying if long term interest rates rise sharply. Given the current market pricing of an additional 2 cuts in 2026, selling US30y bond OTM call spread looks appealing in a US cutting rates and Japan rising rates environment. December's Fed meeting will be one of the most contentious in some time, but it still looks like Powell will eke out another rate cut despite significant reservations from a substantial portion of the FOMC. The market is pricing in a 25bp cut, with the rate futures showing 96% chance this morning. However, I do not think the market has priced in a hawkish cut, meaning a 25bp cut delivered with a hawkish tone. Should that occur, which I think it will, it could mark a local top here, drag NVDA236.97 back below the resistance line, and NQ1!31,200.6 has not managed to escape our uptrend resistance line for the past two weeks. Tapes are looking increasingly weak across the board, as Consumer Discretionary, the sector most hit in Nov, saw a significant rebound but already started to fade yesterday. Futures are muted overnight. Note that despite SPX7,746.91 only declining 0.35%, breadth was very poor yesterday, with 10 of 11 sectors down and NVDA effectively lifting the index. Tomorrow will be busy as we have FOMC and ORCL142.78 earnings after the close, which is just as important as NVDA earnings.