Will Tesla earnings support or shatter the complacent backdrop?

Link to slide deck: https://bit.ly/3XYOzeo   -

US equities closed at new cycle highs yesterday as financials recovered sharply after the prior day's sell-off. The first two major US regional banks are set to report earnings today. Elsewhere, commodities prices suffered a drawdown as China-linked sentiment remains soft. In the earnings overview, we wonder whether Tesla's earnings report could inject some volatility into the very complacent backdrop, as the calm ironically increases market fragility and risk to any news that doesn't fit with the narrative. This and much more in today's pod, which is hosted by John J. Hardy. 

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Intro and outro music by AShamaluevMusic