My spidey senses knew something was awry in yesterday’s tape and today we saw one of those annoying rotation sessions, whereby investors plugged growth in exchange for KO, software and travel stocks. Lucky for us, we own EXPE and TRIP. But it wasn’t enough and we shed 143 for the session, about midway between our...Read More

Each morning is, it seems, a market dislocation. Today was no different, whereby all of the ebullience and cheer in the pre-markets immediately turned into a horror show with slashers cutting into unsuspecting morons who bought the opening rip.The reason: markets have inferred that the success at MU comes at the expense of others, chiefly...Read More

I have a lot of opinions about today and will try to word them briefly and broadly. First off, we closed the session about flat, a nice end of day rally got us back to par. Markets were volatile all session, with money spilling out of risk into very specific areas of the tape. You...Read More

High beta sleeves are magical on the way up, ruinous in reverse. We shed 185bps today, partly saved by the face ripper session in BLZE. Here is that news.Backblaze (BLZE) announced an agreement with CoreWeave (CRWV). Under the multi-exabyte, $335M agreement, Backblaze will provide cost-efficient storage capacity that supports portions of CoreWeave’s managed storage infrastructure, helping optimize...Read More

Good Day — As to be expected, we continued to outperform today, gaining +83bps crossed against a miserable SPY and QQQ — +116bps over SPY. Year to date, we are now +21.5%, or 12.3% better than SPY.We only nibbled on XOM today, which I feel is an excellent entry price — now below pre-Iran war...Read More