Interestingly, the most down stocks MTD are mostly the ones that outperformed best in the “broadening out trade” of early 26. AG is off by 42% month to date, essentially round tripping all of its gains.Conversely, AMD is up 1% for the month, but off 5% for the year.Basically, everything has been reset. What do...Read More

At some point I want to do a long form post about power and status quo, reminding you of the things we already know intuitively but sometimes pretend to not see or think are in abundance due to feeeeeelings of populism. One thing I know about what we are seeing now is the tape is...Read More

It was pandemonium in the morning. Semis and everything else got worked, whilst all oils and LNGs flexed higher. Then markets, by miracle, worked higher and sort of ebbed and flowed throughout the session until Israel announced they would not be targeting Iranian energy fields any more. The net result was a series of God...Read More

Markets pared back today on a meaningless Fed meeting. The market was down ~60bps prior to Powell thanks to the bombing of Iran’s largest natural gas fields — and then legged lower some more after Powell let loose some drivel in regards to inflation and Fed cuts.We already knew this, but markets like to pretend...Read More

Even if you’re not Irish, go get yourselves some boiled meats, lightly salted potatoes and cabbage and a pint. ‘Tis the time to be merry and cheerful. No doom scrolling on X to see all of the horrible horribles today. We made some money, +38bps, better than SPY by a bit. The weather is getting...Read More