Rough week and a tough session. We have oil spiking to the moon, at the same time barely moving the needle on XOM or XLE — likely because investors think the spike in WTI is transitory. Spot traders are in the moment, monitoring the situation. We had several headwinds this week, the first of which...Read More

Rough tape today, based off the war, rumors of more wars, and the subsequent moves in oil. Markets rallied into the close and we shed 106bps for the session, mostly due to pronounced weakness in industrials and metals. Much, if not all, is the result of higher oil and the dollar strength. But this is...Read More

After the close AVGO reported solid results and guided up. The CEO is renowned for sandbagging on the call, so let’s see how it rolls.Broadcom sees Q2 sees revs approx $22.00 bln vs $20.50 bln FactSet ConsensusAgain, and at a minimum, these results reflect a robust environment for semiconductors and AI datacenter demand.We closed +81bps,...Read More

We got the sell off we were supposed to get yesterday today. The silver lining is we traded substantially off the lows, but still a rough session. We traded down -157bps crossed against SPY of -90. We had particular difficulties due to our foreign cadre of holdings, semis and materials.The SMH traded down 3.7%, XME...Read More

NASDAQ futs were -500 when I went to sleep, after reporting all of the wonderful news. It looked like oil would jimmy higher, but all else fall by the wayside. It turns out, as per usual, markets don’t really mind war, not one bit. But having said that and before we celebrate in a most...Read More