I never felt so good being flat for the session, thanks in large part to an end of day rally. Hello!I would not say we’re in some sort of interminable ‘fag-box’ (iBC reference) right now — but we certainly are basing out, post V shaped ramp.The earnings season has truly been feast or famine, with...Read More

It wasn’t exactly an easy session. We closed with gains of ~+91bps — however the overall tone of the market was somewhat bifurcated — alas this time in our favor. Observe.Market breadth was middling across all market caps with exception to mega and tera caps.On the whole, stocks were down — in spite of what...Read More

Market slid again, making it 6 of the last 7 days lower — classic summer trading. Albeit frustrating and filled with angst, these moves, on the balance, are moderate. I think what the market is digesting are the earnings coming out — which, for the most part, have been good. We had a poor report...Read More

This has been the pattern since May. Downside days fueled by FUD (fear, uncertainty and doubt) followed up by upside reversals and new highs. The uniqueness of this V shape is not lost on me, quickest down 20% on SPY back to highs since 1982. It goes without saying that to be passive is to...Read More

There were many excuses for today’s sell off:Amazon earnings (I still think they were good)Trump’s tariffsJobs numbers + BLS revisionsTrump firing BLS numbers womanTrump dispatching nuclear submarine after a Medvedev post on XOr, alternatively, markets ran out of steam and underwent a totally rational and normal sell off following months of gains.Whatever the reason, it...Read More