It looks like we finally got a peace deal, sending NASDAQ futs +380. Tomorrow is immaterial, in my opinion. A swift knee-jerk response to the news is expected, but what I view as much more important is how the cessation of hostilities impacts rates and inflation. We can very easily continue upon this narrow path...Read More

We should behold and be proud of the SPCX IPO, an American company valued at over $1.75T coming public via our great investment banks, Goldman and Morgan, conducted with both professionalism and efficiency. Markets digested it and bid it higher, alongside the rest of the market. This is an achievement and everyone should marvel at...Read More

We exerted high alpha over SPY today, +319bps, +149bps over SPY, pushing YTD alpha to +9. The narrative for the push was Trump and the Iran war shenanigans. We have another peace deal and another short squeeze. I am sort of ok with this timeline continuing like this, providing we can bowl with the skulls...Read More

Markets trended down again today, almost identical to what we saw yesterday sans the nice late day rally. We shed 207bps due to weakness in semis and AI related names. Some defensives trended up, but not too many. The equal weighted SPY was also down 1.28%. Presently, the Qs are down 7.65% from highs, SPY...Read More

I rarely pen an intra-day blog, but felt compelled earlier because the dislocation was childish. Since then markets V-shaped and our losses, once -3.5%, closed at just 0.78%.Without getting into the minutia of the market, it’s evident for those watching today the market panicked lower amidst the crowded nature of the growth trade and that...Read More