Dear ,

Here’s what we got on deck for you today:

  💣 Stocks Slide But Gold Hits Record Ahead of Key Jobs Report 💭

💣 PepsiCo Shares Jump as Elliott Takes $4B Stake 📈

Markets At A Glance🔎

As of September 2, 2025, 9:42 AM MST

Treasure Hunting Climate 📈

As September begins, we’re seeing selling pressure across the market. The gains from last week have been practically erased by today’s and Friday’s price action. This start to the month aligns with our previous discussions about September historically being a weaker month for the markets.

We’ve observed a lack of momentum in the major indices, even as the market attempted to climb. The “new highs” didn’t show significant strength, which reinforced our defensive strategy over the past couple of weeks. Considering the substantial ground covered since the April lows, September’s historical weakness, and the slowing upside momentum, it’s not surprising to see a pause in the bullish trend.

We will maintain our defensive stance and look for opportunities as they emerge. However, we won’t rush to deploy capital into new positions while this selling and profit-taking activity unfolds.

Regardless of whether this weakness is short-lived or lasts a few weeks, we are here to help guide you through it.

See you next week!

View From The Crow’s Nest 👀

US stocks tumbled Tuesday, with the Dow dropping over 500 points and the Nasdaq sliding nearly 2%, as Treasury yields climbed amid tariff uncertainty and questions over Fed independence.

Meanwhile, gold surged past $3,500 an ounce to a record high, with traders betting heavily on an upcoming Fed rate cut ahead of Friday’s pivotal jobs report.

PepsiCo stock rose 4% after Elliott Investment Management revealed a $4 billion stake, calling the company a “rare” opportunity for revitalization.

Elliott outlined plans to boost efficiency, sharpen focus, and unlock long-term shareholder value as Pepsi works to regain momentum against rivals like Coca-Cola.

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I hope you enjoyed this edition of “The Fogcutter”. You can expect this in your inbox every Monday moving forward.

Have a great week!

– Preston & Crew

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