The SPY merely gained +46bps, yet across the investment landscape were runners of magnanimous and generous proportions. We managed +73bps for the session, thanks to a sundry of things working in our favor. It wasn’t Bitcoin or COIN or AMZN or MSFT or COST, but incessant bidding up into shares of ORCL, AAPL, NVDA, GEV...Read More

For as long as I’ve been trading stocks, circa 1990s, they’ve been “expensive”. Part of the reason why they appear to be richly valued is because we are constantly transitioning from a brick and mortar economy to a digital one, increasing productivity and efficiencies along the way. Case in point is the current AI build...Read More

Small crappers got blown out today amidst zero pomp, barely any circumstance. The IWM, the denizen of choice for rotator lovers, shed 84bps. Overall market breadth was just 32%, but that was heavily concentrated in pedestrian (poor) stocks. For the tera caps, breadth stood erect at 68%, providing us with gains of another 63bps, now...Read More

The SPY is +2.7% for the month, yet SNDK is +100%. We have seen a rotation out from tier 1 names into tertiary stocks, providing us all with first class insipid entertainment. We understand how some of these runners resolve and should exercise caution as to the percentage of assets one allocates to them. All...Read More

Let’s review.Markets are at ATH2-10 spreads +532-30 spreads +112FOMC cutting ratesEarnings have been greatIn the midst of largest CAPEX spend on recordHeading into seasonally strong period for stocksI understand why people get nervous at highs — the disbelief and doubts seeping in, a recognition of it all being “too good to be true.” And then...Read More