Every September 11, I think about a decision I made the day before.

A decision that seemed ordinary at the time.

I changed my flight home. That's it.

No dramatic warning.

No feeling that something was wrong.

No idea that the decision would stay with me for the rest of my life.

On September 10, 2001, I was at the Twin Towers in New York.
I had spent the last week hosting clients at the USOPEN. 

I was supposed to come back the next morning and finally tour the top of the World Trade Center before catching my flight back home to Atlanta.

Instead, I decided to leave early. 

I would catch the twin towers next time I was in NYC.

So when I woke up on September 11, I was home.

And then I turned on the CNBC pre-market review on television.

I watched the place where I had just been—and where I was supposed to be that morning—become the center of something almost impossible to comprehend.

I remember sitting there trying to process one thought:

I was supposed to be there...

Even after all these years, writing those words feels different.

There are questions you eventually stop trying to answer.

- Why did I change that flight?

- Why did I get to go home?

- Why did I get another morning when so many people didn't?

I don't pretend to have those answers.

But I do know this:

That day changed the way I think about time.

And eventually, it changed the way I thought about stewardship.

We make hundreds of decisions that seem insignificant in the moment.

About our families.

Our careers.

Our money.

Our health.

Our future.

We rarely know which decision will become a pivot point until we're looking backward.

That's why I've come to believe:

Timing is everything.

Not just in a trade.

In life.

As traders and investors, we're obsessed with timing.

When to enter.

When to wait.

When to protect capital.

When to change course.

But September 11 reminds me that the most precious asset we will ever steward isn't sitting in a brokerage account.

It's time.

Money can be lost and rebuilt.

Markets can fall and recover.

But yesterday never trades again.

On September 11, thousands of lives were taken. Families experienced unimaginable loss. First responders ran toward danger while others were desperately trying to escape it.

Then America had to decide what came next.

Markets closed.

Businesses stopped.

A nation grieved.

And eventually, the markets reopened.

Businesses rebuilt.

Families rebuilt.

Communities rebuilt.

America moved forward.

Not because we forgot.

Because we refused to let tragedy have the final word.

That resilience became part of our history.

And it reminds me why financial freedom should never simply be about accumulating more money.

Freedom creates choices.

Freedom gives us more control over our time.

Freedom gives us the ability to provide, protect, serve, give, and build something that can outlive us.

That's stewardship.

That's legacy.

That's Providence.

Twenty-five years later, I still think about changing that flight.

I think about where I was supposed to be that morning.

And I think about the thousands of people who never got another morning.

So today isn't about the market.

It isn't about the next trade.

It's about gratitude for the time we've been given—and the responsibility that comes with it.

Love your family.

Steward what you've earned.

Use your time intentionally.

Make your decisions count.

Make your sacrifices mean something.

And build a future worthy of the freedom others sacrificed to protect.

September 11, 2001.

Never forget.

August CPI rose 0.4% month over month and 3.4% year over year. Core CPI rose 0.3% monthly and 2.4% annually. Gasoline jumped 3.9% in August, energy rose 2.1%, and energy inflation remains 16.3% above last year. Yet equity futures stayed green after the release: at 8:34 AM ET, Dow futures were +0.67%, S&P 500 futures +0.61%, and Nasdaq-100 futures +0.73%.

TFT interpretation: the market isn't saying inflation disappeared. It is saying the inflation print wasn't bad enough—yet—to overpower falling oil this morning and Oracle's monster AI-cloud receipt. That's the opening battle: CPI → 10Y → dollar → oil → QQQ/SOXX → breadth. The bullish thesis survives if yields stop climbing toward 5%, oil continues retreating, and AI leadership broadens beyond ORCL. It fails if the 10-year breaks decisively above 5%, crude reverses higher, and semiconductors stop confirming the Nasdaq bounce. Are you trading the CPI headline—or watching where capital votes after the headline?

THE F.R.E.E. ANSWER™

No. August CPI did not eliminate the inflation problem—but it also did not produce the upside shock markets feared. Headline CPI rose 0.4% monthly and 3.4% annually, while core inflation rose 0.3% monthly and 2.4% annually. Futures remained higher after the release, helped by a sharp pullback in oil and strong Oracle AI-cloud results, even as the 10-year Treasury remained near 5%.

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#1 — CPI: 3.4% INFLATION KEEPS THE FED QUESTION ALIVE

WHAT? August CPI rose 0.4% MoM and 3.4% YoY. Core CPI rose 0.3% MoM and 2.4% YoY. Gasoline +3.9% was responsible for more than one-third of the monthly headline increase.

SO WHAT? Core inflation improved year over year, but the monthly core reading was firmer than the 0.2% Reuters consensus immediately before publication. Energy is visibly feeding headline inflation.

NOW WHAT? Watch the market's reaction chain rather than the headline:

CPI → 2Y/10Y → DXY → QQQ → SOXX → breadth.

Trader takeaway: if yields climb while Nasdaq holds, that's relative strength. If yields climb and semis lose leadership, duration pressure is winning.

Primary visual: BLS CPI table/chart.

BLS — August 2026 CPI Release

#2 — FUTURES STAY GREEN AFTER CPI

WHAT? At 8:34 AM ET, Dow E-minis were +347 / +0.67%, S&P 500 E-minis +46 / +0.61%, and Nasdaq-100 E-minis +213 / +0.73%.

SO WHAT? The initial reaction matters. Markets received a 0.4% headline CPI print and a slightly firmer-than-expected monthly core number—and did not immediately dump equities.

NOW WHAT? The test begins after 9:30.

Watch whether:

QQQ holds VWAP
SOXX leads QQQ
advancers expand
volume confirms.

TFT takeaway: economic numbers matter. Price response matters mor

#3 — 10-YEAR TREASURY: THE 5% LINE IN THE SAND

WHAT? The U.S. 10-year yield traded near 4.94%–4.98%, its highest region since 2023. The 30-year recently touched about 5.38%.

SO WHAT? At roughly 5%, Treasuries become a legitimate competitor for equity capital while simultaneously raising corporate discount rates and financing costs.

That's especially relevant for:

AI capex
unprofitable growth
high-multiple software
long-duration technology.

NOW WHAT? Today's most important macro chart may not be SPY.

It may be:

TNX vs QQQ

Opportunity: if yields reject 5% while QQQ holds the opening range, relief can broaden.

Risk: a sustained break above 5% can force another equity valuation reset.

#4 — OIL FALLS >3% — BUT $100 OIL IS STILL $100 OIL

WHAT? Brent fell more than 3% but remained above $103, while WTI traded near $100. The pullback followed reports that helped ease immediate shipping concerns, but Middle East supply disruption remains significant.

The IEA estimates Saudi crude supply fell to 6 million barrels/day in August, its lowest in more than three decades, and now expects 2026 global oil supply to decline by 5.7 million barrels/day.

SO WHAT? Lower oil this morning helps the equity tape.

But a one-day decline does not undo the inflation transmission already visible in PPI and CPI.

NOW WHAT?

Watch:

Brent $100
WTI $100
airlines
transports
refiners
energy equities
10Y inflation reaction.

TFT PIN ACTION™

OIL → FUEL → TRANSPORT → INPUT COSTS → CPI/PPI → YIELDS → MULTIPLES

#5 — ORACLE +~7%: AI FINALLY SHOWS WALL STREET THE RECEIPT

WHAT? Oracle reported Q1 FY2027 revenue of $19.345 billion, +30% YoY. Cloud revenue reached $11.6 billion, while Cloud Infrastructure revenue surged 121% to $7.4 billion. Remaining performance obligations reached $664 billion, with more than $30 billion of additional AI-cloud contracts booked during the quarter.

Oracle was up roughly 7% premarket.

SO WHAT?

This is not another AI PowerPoint.

It's revenue.

It's backlog.

It's GPUs.

It's infrastructure demand.

AI RECEIPT™

Compute demand → GPU deployment → cloud infrastructure → revenue conversion.

NOW WHAT? Watch whether ORCL's gap holds through the first hour.

Then watch:

NVDA
MU
AVGO
ANET
SOXX

for Pin Action™.

#6 — NVIDIA + MEMORY: ORACLE CREATES AI PIN ACTION™

WHAT? Nvidia was about +0.8% premarket following Oracle's report. Micron was also indicated roughly +0.8% in early trading as investors connected Oracle's 121% infrastructure growth to continued demand for AI servers and memory.

SO WHAT?

Oracle's report provides another real-world demand datapoint for the AI infrastructure chain:

Cloud → GPU → networking → memory → power → cooling.

NOW WHAT?

Watch whether the AI response expands beyond ORCL.

The strongest confirmation would be:

ORCL strong + NVDA strong + SOXX strong + breadth improving.

The warning?

ORCL rallies alone while semiconductors fade.

TFT TAKEAWAY

One stock is a catalyst.

A chain of stocks is confirmation.

#7 — ADOBE -4%+: THE BEAT THAT WASN'T GOOD ENOUGH

WHAT? Adobe posted record Q3 revenue of $6.76 billion, up 13%, and non-GAAP EPS of $6.13. AI-first annual recurring revenue more than doubled year over year.

Yet Adobe traded down more than 4% premarket after its Q4 revenue forecast of $6.80B–$6.85B put the midpoint slightly below Wall Street's $6.85B expectation.

SO WHAT?

Welcome to the expectations market.

Good results aren't enough.

They must be better than what buyers already paid for.

NOW WHAT?

Watch:

opening low
gap-fill attempt
VWAP
software relative strength.

TFT TAKEAWAY

EARNINGS TELL YOU WHAT HAPPENED. PRICE TELLS YOU WHAT WAS EXPECTED.

#8 — ACV AUCTIONS +~44%: $1.9B M&A SHOCK

WHAT? ACV Auctions surged roughly 44% premarket after Copart agreed to acquire the online vehicle-auction business in a transaction valued around $1.9 billion.

SO WHAT?

M&A creates an entirely different trading regime than earnings.

Price becomes anchored to:

deal value
completion probability
regulatory risk
financing
potential competing bids.

NOW WHAT?

Do not treat a 44% acquisition gap like a normal momentum setup.

TFT TAKEAWAY

Know why the stock moved before deciding whether the move is tradable.

Catalyst classification matters.

#9 — KROGER: THE CONSUMER SENDS ANOTHER RECEIPT

WHAT? Kroger cut its full-year identical-sales-ex-fuel forecast to approximately 0.2%–0.8%, down from 1%–2%. Quarterly identical sales rose just 0.2%, while adjusted EPS of $1.09 exceeded estimates. Shares were indicated lower premarket.

SO WHAT?

Inflation isn't only a Fed story.

It eventually becomes a household-budget story.

Consumers making different choices around food and essentials can expose pressure earlier than some aggregate macro statistics.

NOW WHAT?

Watch:

KR → WMT → COST → TGT → consumer staples vs discretionary.

TFT 3D READ

Macro inflation → household behavior → retailer margins → sector rotation.

#10 — $32.27B LEAVES U.S. EQUITY FUNDS

WHAT? Investors withdrew $32.27 billion from U.S. equity funds during the week through September 9, the largest weekly outflow in nine months. Large-cap funds suffered a record $40.44 billion outflow. Yet technology funds attracted about $1.71 billion.

SO WHAT?

That's a fascinating divergence.

Capital is reducing broad equity exposure while still allocating selectively to technology.

Translation:

Risk appetite isn't dead.

It's picky.

NOW WHAT?

Today's breadth matters enormously.

If tech leads while the index advances with weak participation, the market remains narrow.

If cyclicals and small caps participate, the relief rally has healthier internals.

TFT TAKEAWAY

FOLLOW CAPITAL. NOT COMMENTARY.

THE TFT POINT OF VIEW™

SEE THE MARKET IN 3D™

Dimension 1 — MACRO

CPI
Oil
Treasuries
Dollar
Fed expectations

Dimension 2 — SECTOR

AI infrastructure
Semiconductors
Software
Energy
Consumer staples

Dimension 3 — STOCK

ORCL
NVDA
MU
ADBE
ACVA
CPRT
KR

The headline reader asks:

Was CPI good or bad?

The Operator asks:

What asset changed direction because of CPI—and what didn't?

That's how you stop reacting to information and start operating capital.

OPENING-BELL OPERATOR POSTURE™

CONSTRUCTIVELY BULLISH — BUT YIELDS OWN THE VETO

Risk-on confirmation: 10Y rejects 5%, crude remains below morning highs, ORCL holds its gap, SOXX outperforms, QQQ holds VWAP, breadth expands and opening volume confirms.

Risk-off confirmation: 10Y breaks and holds above 5%, crude reverses sharply higher, ORCL fades its gap, semis underperform and QQQ loses VWAP with deteriorating breadth.

Mixed signals: NO TRADE ZONE™.

Today's Operator rule:

CPI SET THE TABLE.

THE 10-YEAR DECIDES WHO EATS.