In all of my years investing, I have never seen a market more nervous than this one — fueled by a cadre of cantankerous haters fixed on causing irreversible damage to US markets. The narrative of AI being a bubble takes on new dimensions daily — centered around the belief that low information emotional wrecks...Read More

As harrowing a week it seemed to be, we shed just 15bps for the week. The set up looks poor, with oil surging and all hope lost. Perhaps this sentiment shift is exactly what’s needed to get a real mean reversion trade going. I’ve seen crazier set ups. The past two weeks have seen semis...Read More

Many an AI stock are down 50% over the past 3 month. The semis are down 15% for October, worst drawdown for October since 2008. Treasuries are rallying because the implications of less AI debt is more demand for long duration govts. In addition to all this, there is a gloom cast heavily over markets...Read More

META beat and the stock is moving higher in AHs, as well as TSLA (we are long), IBM, CSX and SAP. On the downside is LRCX, MOH, LVS and a slew of semis in sympathy with LRCX. We are not long LRCX for the first time in many quarters and I opted not be play...Read More

Rotations continue. Also, we eagerly await the resurgence in tech, which has been besieged by any number of negative news items. As semis drift into the wind like sand, there are areas of the tape performing. Since we already have some core tech names, I have been bulking up on the other stuff in recent...Read More