I am glad the week is over. I have PTSD from this tape, flinching at each Trump presser, each tweet, each red candle. In times like this, I like to drift off and remember the halcyon days of 7 weeks ago when the economy was booming and brighter skies ahead. We are now enveloped by...Read More

Markets crescendo’d lower in infamous fashion today, at one point flirting with a trading halt of -7%. It bounced off it and closed -4.3% on the NASDAQ and -3.5% for the SPY. Although jarring, coming off yesterday’s rigged session — this was to be expected. One thing is clear: The Trump Administration is watching markets...Read More

Overnight we had credit issues during Asia trade, major spikes in the US 10yr with rumors of a basis trade unwind. Early in the session we were seeing 50bps swings inside minutes and it looked like something was going to break, until Trump issued a tweet saying he was increasing tariffs on China to 150%,...Read More

Wholesale liquidation of all stocks continued today, under the backdrop of widening spreads and record lows in the Chinese Yuan. It’s fair to say betting on deals or rumors of deals to develop with the Trump administration has been a flop.With tariffs on China set to affix at 104% tonight, all eyes are now on...Read More

Let’s recap the session.Global markets careened lower amidst palpable fears of global depression. It’s hard to just think the decoupling of global trade will end in just 2 quarters. This would, in my opinion, warrant at least a year aka depression. Asian and European stocks crashed through the floorboards, and then our markets opened up...Read More