On Friday Trump announced he wanted credit card companies to lower their interest rates to 10%, saying the current rates of 39.99% were a “scam.” Over the weekend we had renewed chatter by the administration of action pending against Iran, to topple the regime and bring peace to them via democracy. You are hoping I...Read More

The NASDAQ was weak -55bps, SPY flat — we shed 11bps. It was a high beta massacre in many parts of the tape, with losses of the largess varietal in names like CIEN, LITE, COHR, NET and DDOG. But it’s important to note that high beta strategies, although down 2.5% today, is still +5% YTD.In...Read More

Ugly session for many a stock — breadth pinned at 35-40% all day. It was a NASDAQ centric tape, with most losses in “everything else” in addition to some profit taking in the semis. Several notable headlines:Trump to restrict corporations from buying res homes — GOODTrump to restrict defense contractors from share buybacks until they...Read More

Not sure If I have communicated this properly, but one of the big themes in the semis now is NAND, HBM and DRAM/HDD prices soaring due to AI moving to the edge and apparent massive shortages.NVIDIA $NVDA CEO JENSEN HUANG JUST SAID: – THE BOTTLENECK IN MEMORY IS SEVERE$MU is ramping HBM4 to ~15k wafers...Read More

Another high beta ripper. We enjoyed returns of +78bps crossed against the SPY +59bps. YTD our gains fast approach 3%, which is always a nice thing to have. God willing, we will not be encumbered by an asymmetrical terror-ride to the downside, like last year’s clown show. Chips are the big standout, but not the...Read More