Tech was mostly bedraggled — gains found predominantly in defensive and interest rate sensitive names. We saw a big pop in our RKT, nearly +10% based upon the idea that rates are coming in. The US 10yr was down 12bps. Should it continue to slide, the trade connected to rates most are solar, construction, mortgages,...Read More

Earlier this morning Sec. Lutnick threw a semi-damp towel on the euphoria that was to be enjoyed tomorrow by stating the semi and electronic tariff exemptions were temporary carveouts in order to better plan for America re-shoring. We have seen IG weekend futs moderate from +4% to +2.1%. But I think it’s important to remember...Read More

Major development:US PUBLISHES TARIFF EXCLUSIONS FOR SPECIFIED PRODUCTSUS TARIFF EXCLUSIONS APPLY TO COMPUTERS, SMARTPHONESUS TARIFF EXCLUSIONS ALSO APPLY TO CHIP-MAKING EQUIPMENTTARIFF EXCLUSIONS APPLY TO SO-CALLED `RECIPROCAL’ TARIFFSAnalysts are already fawning over this, sending weekend FUTS +1.1%.My best sense here is Trump is offering an olive branch to China and is fully engaged with markets now....Read More

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