👀 Topstep is suing a social media influencer for $10M+

Hi guys, it’s Kieran! Another wild week in the books and its time to do it all over again. Lets get into it.

📢 Prop Firm Industry News

Topstep is suing social media influencer Patrick Wieland for breaching a release agreement he signed after parting ways with the firm. They claim breaches of confidentiality, non-disparagement as well as deliberate defiance, and are seeking millions of dollars in damages. The X accounts below have done an excellent job of covering the case, so if you are interested in all the details, click through one of the posts below.

As for Patrick, his X account disappeared..

But then reappeared yesterday..

Never a dull moment in this industry. 😄 

From Payout Junction, here are the firms who paid out the most over the last 7 days 🏆️.

🔥 Monitor prop firm payouts LIVE on Payout Junction - https://payoutjunction.com.

🕜 Red Folder News

Here are this week’s red folder news events. US inflation on Tuesday (CPI) and Wednesday (PPI) are the biggest events of the week. There has been no sign of inflation from Trump’s tariffs yet, however the Fed is expecting some at some point. A bigger than expected reading will likely see rates and the US Dollar rip higher, which will have knock-on effects across all asset classes, so keep an eye on the releases.

📈 The Macro View

Finally we hit Extreme Greed

Its been a historic recovery since the April 2nd ‘Liberation day’ sell-off. Now we are at extreme levels and FOMO will be kicking in, so the risk of reversal is higher. We can stay at extreme levels for a long time however and a reading of 78 is by no means a reason to blindly short here.

Nasdaq Seasonality

As I mentioned last week, July is the best month of the year for the equity markets, so keep this in mind if you are planning shorts. Chart shows Nasdaq performance on a 20 year look back.

S&P500 2025 vs 2020

We are tracking the Covid recovery very closely. If the analogy continues to track, this rally is only at the half way point.

Positioning in the US Dollar remains very short

One to keep an eye on this week. As per JP Morgan, hedge funds remain massively short the US Dollar, so the ingredients for an epic short squeeze remain in place should we get a surprise inflation reading this week.

Ok guys that’s it for this week, stay safe out there!

Kieran

📚 Further Reading

Are there specific market sessions that are statistically better for prop traders? This week’s question to PerplexityAI includes:

• London-New York Overlap

• Session Characteristics

• Market-Specific Insights

• Trading Strategy Recommendations

Click the link below!

Please do me a favour and share this with other traders, your communities and on social media. I’d greatly appreciate it, thanks! 🙂