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🐋 WHALE WATCH: History says Day 1 for a new Fed Chair starts red.
Every new leader since 2006 has seen the markets open lower on their first day in office. Powell saw a 4.1% drop while Bernanke fell 2.2% as Wall Street forced them to earn immediate credibility.
Kevin Warsh taking the seat today fits the exact historical setup for a local volatility spike.
Are you buying the initial policy panic or sitting on cash ?