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June 8, 2025

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QQQ and tech ETFs are leading the surge off the April low, but there is another group leading year-to-date. Year-to-date performance is important because it includes two big events: the stock market decline from mid February to early April and the steep surge into early June. We need to combine these two events for a complete performance picture.

TrendInvestorPro uses a Core ETF ChartList to track performance and rank momentum. This list includes 59 equity ETFs, 4 bond ETFs, 9 commodity ETFs and 2 crypto ETFs. The image below shows the top 10 performers year-to-date (%Chg). Seven of the top ten are metals-related ETFs. Gold Miners (GDX), Silver Miners (SIL), Platinum (PLTM) and Gold (GLD) are leading the way. The Aerospace & Defense ETF (ITA), Transformational Data Sharing ETF (BLOK) and ARK Fintech Innovation ETF (ARKF) are the only three non-commodity leaders. The message here is clear: metals are leading.

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TrendInvestorPro has been tracking the Platinum ETF (PLTM) and Palladium ETF (PALL) since their big breakout surges on May 20th. The chart below shows PALL with a higher low from August to April and a breakout on May 20th. The ETF fell back below the 200-day SMA (gray line) in late May, but resumed its breakout with a 7.75% surge this week.

The bottom window shows the PPO(5,200,0) moving above +1% on May 21st to signal an uptrend in late May. This signal filter means the 5-day EMA is more than 1% above the 200-day EMA. The uptrend signal remains valid until a cross below -1% (pink line). As with all trend-following signals, there are bad signals (whipsaws) and good signals (extended trends). Given overall strength in metals, this could be a good signal that foreshadows an extended uptrend.

TrendInvestorPro is following this signal, as well as breakouts in other commodity-related ETFs. Our comprehensive reports and videos focus on the leaders. This week we covered flags and pennants in several tech ETFs (XLK, IGV, SMH, ARKF, AIQ, MAGS). Click there to take a trial and get your four bonuses. 

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Some of the White House’s conservative House allies say they’re interpreting the upcoming vote on President Donald Trump’s $9.4 billion spending cut proposal as a ‘test’ of what Congress can achieve in terms of rolling back federal funding.

Rep. Chip Roy, R-Texas, said he would not speak for members of the Trump administration but added, ‘I do think it is a test.’

‘And I think this is going to demonstrate whether Congress has the fortitude to do what they always say they’ll do,’ Roy said. ‘Cut the minimal amount of spending – $9 billion, NPR, PBS, things you complain about for a long time, or are they going to go back into their parochial politics?’

House GOP leaders unveiled legislation seeking to codify Trump’s spending cut request, known as a rescissions package, on Friday. It’s expected to get a House-wide vote sometime next week.

‘The rescissions request sent to Congress by the Trump Administration takes the federal government in a new direction where we actually cut waste, fraud, and abuse and hold agencies accountable to the American people,’ House Majority Leader Steve Scalise, R-La., said in a statement introducing the bill.

The legislation would claw back funding that Congress already appropriated to PBS, NPR, and the U.S. Agency for International Development (USAID) – cuts outlined by Elon Musk’s Department of Government Efficiency (DOGE) earlier this year.

And while several Republican leaders and officials have already said they expect to see more rescissions requests down the line, some people who spoke with Fox News Digital believe the White House is watching how Congress handles this first package before deciding on next steps.

‘You’re dead right,’ Rep. Ralph Norman, R-S.C., told Fox News Digital when asked if the rescissions package was a test. ‘I think that it’s a test case – if we can’t get that…then we’re not serious about cutting the budget.’

A rescissions package only needs simple majorities in the House and Senate to pass. But Republicans in both chambers have perilously slim majorities that afford them few defections.

Republicans are also racing the clock – a rescissions package has 45 days to be considered otherwise it is considered rejected and the funding reinstated.

Rep. Lance Gooden, R-Texas, did not directly say whether he viewed the spending cuts as a test but dismissed any potential concerns.

‘This is very low-hanging fruit, and I don’t anticipate any problems,’ Gooden told Fox News Digital.

‘I’ve heard a few comments in the media, but I don’t think they’re serious comments. If someone on the Republican side can make a case for PBS, but they won’t take a tough vote against illegal immigration, then we’ve got a lot of problems.’

Paul Winfree, president and CEO of the Economic Policy Innovation Center (EPIC), told Fox News Digital last week, ‘This first rescissions package from President Trump is a test as to whether Congress has the ability to deliver on his mandate by canceling wasteful spending through a filibuster-proof process.’

‘If they can’t then it’s a signal for the president to turn up the dial with other tools at his disposal,’ Winfree, who served as Director of Budget Policy in the first Trump administration, said.

Both Roy and Norman suggested a process known as ‘pocket rescissions’ could be at least one backup plan – and one that Office of Management and Budget Director Russell Vought has floated himself.

‘Pocket rescissions’ essentially would mean the White House introduces its spending cut proposal less than 45 days before the end of the fiscal year on Sept. 30. In theory, it would run out the clock on those funds and allow them to expire whether Congress acted or not.

Vought told reporters after meeting with Speaker Mike Johnson, R-La., on Monday that he wanted to ‘see if it passes’ but was ‘open’ to further rescissions packages.

‘We want to send up general rescissions bills, to use the process if it’s appropriate, to get them through the House and the Senate,’ Vought said. ‘We also have pocket rescissions, which you’ve begun to hear me talk a lot about, to be able to use the end of the fiscal year to send up a similar rescissions, and have the funds expire. So there’s a lot of things that we’re looking at.’

Still, some moderate Republicans may chafe at the conservative spending cuts.

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Rep. Don Bacon, R-Neb., refused to comment on whether he’d support the legislation before seeing the details but alluded to some concerns.

‘Certainly I’m giving you a non-answer right now until I read the details,’ Bacon said.

‘It does bother me because I have a great rapport with Nebraska Public Radio and TV. I think they’ve been great to work with, and so that would be one I hope they don’t put in.’

He also raised concerns about some specific USAID programs, including critical investments to fight Ebola and HIV in Africa.

The legislation is expected to come before the House Rules Committee, the final gatekeeper before most legislation sees a House-wide vote, on Tuesday afternoon.

It’s separate from Trump’s ‘one big, beautiful bill,’ a broad piece of legislation advancing the president’s tax, energy, and immigration agenda through the budget reconciliation process.

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Elon Musk appeared to jokingly reconsider his stance on the Big Beautiful Bill after a California Democrat came to his defense.

Sen. Adam Schiff, D-Calif., wrote on X that ‘I can’t believe I’m saying this – but [Elon Musk] is right.’ However, that seems to be the last point on which the two agree. They both object to the Big Beautiful Bill, viewing it as full of pork. Musk opposes the bill because he believes it raises government spending too much, while Schiff objects to what he calls its ‘far-right’ content, which he describes as ‘dangerous.’

Musk fired off a response rejecting Schiff’s alleged praise of the tech billionaire’s position on the bill.

‘Hmm, few things could convince me to reconsider my position more than Adam Schiff agreeing with me!’

On May 30, Musk’s time with the administration came to an end, and he seemed to leave things on good terms. President Donald Trump thanked Musk for his work with the Department of Government Efficiency (DOGE) and gave him a symbolic ‘key to the White House’ as a parting gift. 

Following his departure from the White House, Musk said he was looking forward ‘to continuing to be a friend and adviser to the president.’ However, things took a sharp turn as a feud between Trump and Musk quickly heated up after the Tesla founder began publicly criticizing the Big Beautiful Bill. 

After the legislation passed the House, Musk said that the ‘massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. ‘Shame on those who voted for it: you know you did wrong. You know it.’

Musk’s criticisms received mixed reactions from Republicans, with some — such as Sen. Mike Lee, R-Utah, and Sen. Rand Paul, R-Ky. — agreeing with him. Meanwhile, House Speaker Mike Johnson said he was ‘surprised’ by Musk’s reaction and claimed the two of them had a good discussion about the bill.

Trump and Musk then began slugging it out on their respective social media platforms — X and Truth Social — as well as TV. The president told reporters in the Oval Office that he was ‘very disappointed’ with Musk and claimed that the former DOGE head knew what was in the bill, something that Musk denied. 

The heated exchange led to two explosive tweets, both of which were later deleted. In one post, Musk claimed Trump was mentioned in files relating to Jeffrey Epstein, the deceased sex offender and disgraced financier. In his other post, Musk endorsed a message that called for Trump’s impeachment and said that Vice President J.D. Vance should take over.

While it’s unclear whether Trump and Musk will reconcile, for now it seems unlikely. Trump told Fox News chief political anchor Bret Baier that he was not interested in talking to Musk and that ‘Elon’s totally lost it.’

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From bringing the heat to retreating on the beef.

Elon Musk appears to be backtracking on some of the wild accusations he made during his ugly spat with President Donald Trump earlier this week.

Musk sensationally posted on Thursday that the president’s name appears in unreleased Jeffrey Epstein files — and said that’s why the files haven’t been made public.

‘@RealDonaldTrump is in the Epstein files,’ Musk wrote on X. ‘That is the real reason they have not been made public. Have a nice day, DJT!’

Musk followed the post with another, saying, ‘Mark this post for the future. The truth will come out.’

But eagle-eyed online sleuths noticed that Musk had quietly deleted the posts.

The former ‘First Buddy’ dropped the allegation in response to a back-and-forth series of social media messages between him and Trump. But as of today, the post has been removed from the Tesla CEO’s timeline. 

The post wasn’t the only one he deleted: Musk also appears to have taken down a post endorsing a message that read, ‘Trump should be impeached’ and that Vance ‘should replace him.’

Musk shared the post and wrote ‘yes,’ but his comment is no longer visible. 

The beef between Musk and Trump exploded onto the national scene this week with the SpaceX CEO publicly blasting Trump’s major legislation, the Big Beautiful bill, for increasing the deficit by around $2.5 trillion.  

The feud came despite a months-long ‘bromance’ between the pair, with Musk donating around $277 million to Trump’s campaign and enthusiastically supporting his return to office. Trump’s return to office also saw Musk oversee the Department of Government Efficiency (DOGE) for months. 

White House Press Secretary Karoline Leavitt said in the aftermath of Musk’s post that it was an ‘unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted.’

The White House said a source familiar with the Epstein matter said it is widely known that Trump kicked Epstein out of his Palm Beach Golf Club.

The source also pointed out that the administration released the Epstein files, which included Trump’s name, and nothing was new about Musk’s revelation.

‘If Elon truly thought the President was more deeply involved with Epstein, why did he hang out with him for 6 months and say he ‘loves him as much as a straight man can love a straight man?” the source said.

Musk’s bombshell allegation against Trump comes months after a trove of files pertaining to the Epstein case were released.

In February, Attorney General Pam Bondi sent a letter to FBI Director Kash Patel explaining the delay in the release of documents and placing blame on an FBI field office in New York.

Bondi said she requested the full Epstein case file before Patel was confirmed as the head of the FBI and received about 200 pages — far fewer than the number of pages released last year in a civil lawsuit connected to Ghisalaine Maxwell, the trafficker’s former lover and convicted accomplice.

Although Bondi pushed for the release of the full dossier, which included records, documents, audio and video recordings, and materials related to Epstein and his clients, the request remains unfulfilled.

One of the key pieces that remains unreleased is a client list, though Bondi claimed in February it was on her desk to be reviewed.

The documents that have been released so far include flight logs, an evidence list, a contact book and a redacted ‘masseuse list’ believed to refer to Epstein’s victims.

Many people named in the documents have never been accused of Epstein-related wrongdoing. However, some have, like Maxwell; Prince Andrew, who has denied allegations of wrongdoing; and Jean-Luc Brunel, a French modeling agent who, like Epstein, died in a jail awaiting trial.

Epstein, Maxwell and unnamed co-conspirators allegedly abused young women and underage girls between 1996 and his death in 2019, according to the lawsuit. Citing police documents, it alleges that Epstein recruited girls between 14 and 16 as well as students at Palm Beach Community College for ‘sex-tinged sessions.’

Maxwell is appealing her conviction while serving a sentence at a federal prison in Tallahassee. She is due for release in the summer of 2037.

Fox News Digital’s Andrew Mark Miller and Mike Ruiz contributed to this report.

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A House committee witness who was called out by Democratic Rep. Robert Garcia of California during a hearing this week is pushing back after the congressman unearthed a past social media post on Social Security in an attempt to discredit his testimony. 

During a House oversight DOGE subcommittee hearing on Wednesday, Garcia grilled Power the Future CEO Dan Turner while holding up a posterboard of a past tweet calling Social Security a ‘government-sponsored Ponzi scheme.’

‘Madoff went to jail for it. Congress runs on it,’ the post said. ‘I should be able to keep 100% of my money and not watch government waste it with a paltry percentage return.’

Garcia then suggested that post was evidence that Turner lacks the credibility to be testifying about the billions of federal tax dollars directed to left-wing NGOs. 

A Ponzi scheme and so I think it’s interesting, of course, as one of our Republican witnesses is calling Social Security a Ponzi scheme, and that’s the person that we should be taking advice from here today,’ Garcia said. 

‘Without Social Security, 22 million people would be pushed into poverty. That includes over 16 million seniors and nearly 1 million children. And in fact, Elon Musk has also said and agreed with you, sir, that this is a Ponzi scheme. I think it’s ironic that you are one of our witnesses talking about efficiency when you want to attack the single best program that we have to support people not just out of poverty, but across this country to uplift them, to ensure they can afford a decent life.’

Fox News Digital spoke to Turner, who stood by his post and outlined his belief, echoed by many, that Social Security is structured like a Ponzi scheme by definition. 

‘Rep Garcia does not know the definition of Ponzi scheme,’ Turner said. ‘Social Security is the ultimate Ponzi, demanding more and more people at the bottom pay in to fund the people at the top, expect our demographics have this now reversed. The system will default. Mr. Garcia nor I will likely never see a dime. That should worry him more than my social media feed.’

Turner told Fox News Digital that if Garcia’s staff were to spend as much time trying to save Social Security as it did ‘combing through my social media’ then ‘perhaps the Ponzi scheme can survive long enough for me to get a small percentage of what the government confiscated during my lifetime.’

Turner explained that his father had received a ‘paltry percentage’ of what he paid into the program and the the government ‘kept the rest’ when his father died. 

‘That’s not just a Ponzi scheme, it’s government greed and politicians running a money-laundering operation to get reelected. No one should be compelled to pay into a failed system, yet in a free America, you don’t have that choice.’

In addition to Turner and Elon Musk suggesting that Social Security is by definition set up like a Ponzi scheme, Fox News Digital previously spoke to James Agresti, president of the nonprofit research institute Just Facts, who said the characterization has ‘validity.’

‘A Ponzi scheme operates by taking money from new investors to pay current investors,’ Agresti said. ‘That’s the definition given by the SEC, and contrary to popular belief, that’s exactly how Social Security operates.’

Agresti explained to Fox News Digital that Social Security, a program mired for decades with concerns about waste, fraud, and improper payments, ‘doesn’t take our money and save it for us, as many people believe, and then give it to us when we’re older’ like many Americans might believe. 

‘What it does is, it transfers money when we are young and working and paying into Social Security taxes,’ Agresti said. ‘That money, the vast bulk of it, goes immediately out the door to people who are currently receiving benefits. Now, there is a trust fund, but in 90 years of operation, that trust fund currently has enough money to fund two years of program operations.’

The trust fund only being able to last for two years is not a result of the fund being ‘looted,’ Agresti explained, but rather it was put in place to ‘put surpluses in it’ from money that Social Security collects in taxes that it doesn’t pay out immediately and pays interest on. 

‘The interest that’s been paid on that has been higher than the rate of inflation,’ Agresti said. ‘So, the problem isn’t that the trust fund has been looted. The problem is that Social Security operates like a Ponzi scheme.’

Democrats have vocally pushed back against efforts by Republicans and DOGE to reform Social Security or make cuts to what they say are examples of wasteful or improper spending from the department.

‘There’s been a lot of misinformation about that as of late,’ Agresti told Fox News Digital. ‘You know, when DOGE came in and suggested that the Social Security Administration cut, I think it was about 10,000 workers, Democrats erupted that this is going to weaken Social Security. But the fact of the matter is that Social Security pays those workers who are for administrative overhead from the Social Security trust fund. So, by cutting out the money that they’re paying them, you actually strengthen the program financially.’

Agresti told Fox News Digital that the current administrative overhead for Social Security is $6.7 billion per year, which is enough to pay more than 300,000 retirees the average old-age benefit.

‘Every single study shows social security going completely bankrupt in the next few years. Garcia and other democrats know the iceberg is ahead but rather than turn the ship, they are yelling at the iceberg about the senior citizens onboard,’ Turner said. ‘This Ponzi scheme is collapsing fast, and turning my tweets into posters is not going to stop it.’

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President Donald Trump warned on Saturday that there would be ‘serious consequences’ for Elon Musk if he were to fund Democratic candidates. The president made the remark during a phone interview with NBC News.

‘If he does, he’ll have to pay the consequences for that,’ Trump told NBC News. However, according to the outlet, Trump did not detail what the consequences would be.

The president also told the outlet that he has no interest in repairing his relationship with the Tesla founder and CEO. When asked if he thought his relationship with Musk was over, Trump reportedly told NBC News, ‘I would assume so, yeah.’ 

Trump also apparently has ‘no intention’ of speaking with Musk — which is what he told Fox News Chief Political Anchor Bret Baier.

Trump and Musk have been engaged in a heated feud that has rapidly escalated in a matter of days. The spat began when Musk criticized the Trump-backed ‘Big Beautiful Bill’ after his time with the administration ended.

‘I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,’ Musk said in a Tuesday post on X. ‘Shame on those who voted for it: you know you did wrong. You know it.’

Musk later had two explosive posts on X, both of which are now deleted. In one, Musk accused Trump of being in files related to late sex offender Jeffrey Epstein. Then, he agreed with a post calling for Trump’s impeachment and suggested that Vice President JD Vance take charge.

In one of his posts criticizing the bill, Musk argued that the bill ‘more than defeats all the cost savings achieved by the DOGE team at great personal cost and risk.’

On Friday, Trump spoke with Baier and told him that ‘Elon’s totally lost it.’ That same day Trump posted on Truth Social that Musk should have turned on him ‘months ago.’

‘I don’t mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress. ‘This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!’

Musk endorsed Trump after the then-candidate was nearly assassinated in Butler, Pa., during a campaign rally. The two seemed to become fast friends, with Musk eventually agreeing to join the Trump administration and lead DOGE.

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President Donald Trump has escalated his sudden rupture with Elon Musk by implying the government could sever ties with the tech titan’s businesses.

‘The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it,’ Trump wrote Thursday on Truth Social.

Various estimates have been put forward about just how much Musk’s firms, primarily SpaceX and Tesla, benefit from U.S. government contracts and subsidies. The Washington Post has put the figure at $38 billion, with SpaceX President and COO Gwynne Shotwell estimating that company alone benefits from $22 billion in federal spending. Reuters has reported that the true figure is classified because of the nature of many of the contracts Musk’s firms are under.

NASA relies on SpaceX to ferry astronauts to and from the International Space Station. The agency’s only other option at the moment is to pay around $90 million for a seat aboard Russia’s Soyuz capsule.

Last year, SpaceX was selected to develop a vehicle capable of safely de-orbiting the International Space Station in 2030, when NASA and its partner space agencies agreed to end operation of the orbiting laboratory. SpaceX is also expected to play a major role in NASA’s efforts to return astronauts to the moon and eventually travel beyond to Mars.

Later Thursday afternoon, Musk posted that he would begin ‘decommissioning’ SpaceX’s Dragon spacecraft, which regularly flies astronauts and cargo to the ISS, in response to Trump’s threat.

NASA spokesperson Bethany Stevens said the agency ‘will continue to execute upon the President’s vision for the future of space.’

‘We will continue to work with our industry partners to ensure the President’s objectives in space are met,’ she said in a statement on X.

Tesla, meanwhile, has benefited from approximately $11.4 billion in total regulatory credits aimed at boosting electric-vehicle purchases, though that figure also includes state-level subsidies. Musk has claimed he no longer needs the credit, which he says now primarily benefits rivals.

Following Trump’s threat, shares in Tesla, which had already fallen 8% on Thursday as the tit-for-tat escalated on social media, declined as much as 15% following Trump’s post. SpaceX is privately held and its shares do not trade on the open market.

Trump’s warning came as part of a stunning exchange with Musk — who spent more than $250 million to help him get elected — that erupted into public view.

Earlier in the day, president told reporters in the Oval Office that he was disappointed in Musk’s criticism of the Republican policy bill that is making its way through Congress. Musk has blasted the bill, calling it a ‘disgusting abomination,’ amid concerns it would worsen the U.S. fiscal deficit.

Musk, who officially left his White House role last week to spend more time on his companies, spent much of Thursday launching into a tirade on X, his social media platform, where he posted a variety of critiques of Trump, the bill and other Republican politicians.

A make-good on Trump’s threat would come at a sensitive time for Tesla, which has seen global sales plunge partly in response to Musk’s very involvement with the Trump campaign. Year to date, its shares are down some 25%.

Trump’s warning also raises the specter that Trump could resurface pending government investigations into Musk’s firms. According to a report in April from Democratic staff of the Senate Homeland Security Permanent Subcommittee on Investigations, Musk’s firms were facing $2.37 billion in potential federal liabilities when Trump took office in January.

Since then, many of those actions have been paused or outright dismissed alongside the rise of the previously Musk-helmed Department of Government Efficiency, which gutted many of the agencies looking into Musk’s businesses.

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