If you remember the environment circa 1998 – 2000 it was fueled by new v old economy narratives. For several years during the dot com boom — Wall Street celebrated and punished growth v value stocks, often creating a see-saw effect with the prevailing trends. At the time of the bubble bursting in March of...Read More

We are at Top Sail, NC at the behest of Mrs. Fly with friends from NYC at a beach front house, trying to enjoy the weather. I had a varied day looking and playing the tape, closing up 12bps whilst allocating back into the market. Gains had been +65bps into the final hour and after...Read More

The previous sell offs were also coupled with systemic concerns — CDS blowing out, US 10yr rising without fail, and the dollar collapsing like an emerging market. At the nexus of today’s sell off was the $5.5b charge taken by NVDA because Trump banned chips to China. While unfortunate, this is a one time charge...Read More

Tech was mostly bedraggled — gains found predominantly in defensive and interest rate sensitive names. We saw a big pop in our RKT, nearly +10% based upon the idea that rates are coming in. The US 10yr was down 12bps. Should it continue to slide, the trade connected to rates most are solar, construction, mortgages,...Read More

Earlier this morning Sec. Lutnick threw a semi-damp towel on the euphoria that was to be enjoyed tomorrow by stating the semi and electronic tariff exemptions were temporary carveouts in order to better plan for America re-shoring. We have seen IG weekend futs moderate from +4% to +2.1%. But I think it’s important to remember...Read More