We’re up for an 11th consecutive day. BCW was red for most of the day due to early weakness in industrials and semis — but managed to close +6bps, way off the SPY of +78bps due to outsized strength of the gorilla nature in all of the MAG7+ names. There was also animal runs in...Read More

We gained another 101bps in euphoric trade. One cannot make sense of the market when it comes to streaks like this — up for a 10th consecutive day. The knee jerk is to retrench and wait for a pullback. Alas, that sort of thinking might’ve got you out 5 days ago, missing out on the...Read More

I write to you from the confines of the Jacksonville Airport, a dump. Markets were supposed to go down, but instead went up. Try to understand the machinations of the war and oil and how it affects the global economy and you’ll go crazy. The constant melt up in high beta continues and traders are...Read More

Whether we agree with the war or not there is an incontrovertible condition needed to end the war, which is free passage of commerce in the Strait of Hormuz. The recent Trump move of blockading the Strait is preferable to attacking Iranian oil facilities and/or Kharg Island. I think markets are exaggerating the price of...Read More

We capped off the week +42bps and up more than 5% for the week, +6% month to date. Do not expect these uninterrupted gains to continue into next week. RC is away on business but I do not believe BCW has had a down session for April.We achieved +51bps in alpha against the SPY, which...Read More