Overnight we had credit issues during Asia trade, major spikes in the US 10yr with rumors of a basis trade unwind. Early in the session we were seeing 50bps swings inside minutes and it looked like something was going to break, until Trump issued a tweet saying he was increasing tariffs on China to 150%,...Read More

Wholesale liquidation of all stocks continued today, under the backdrop of widening spreads and record lows in the Chinese Yuan. It’s fair to say betting on deals or rumors of deals to develop with the Trump administration has been a flop.With tariffs on China set to affix at 104% tonight, all eyes are now on...Read More

Let’s recap the session.Global markets careened lower amidst palpable fears of global depression. It’s hard to just think the decoupling of global trade will end in just 2 quarters. This would, in my opinion, warrant at least a year aka depression. Asian and European stocks crashed through the floorboards, and then our markets opened up...Read More

It’s very obvious what is happening here. Attempting to apply logic and reason and traditional trading patterns to a broken elevator tape due to an idealogical fanaticism in the White House is a recipe for disaster. Before I get into what I think is happening, I want to tell you we sold more in the...Read More

Wow, what a day. Massive dislocations, amidst spikes in CDS, VIX and an overall discontent over the tariff news. The IWM dislocated by 6.5%, NASDAQ off 6, SPY off almost 5. We shed 2.4%, much better than the market — thanks to a defensive posture. The good:Trash cans: RSG, WCN, WMDrug distribution: MCK, COR, CAHExchanges:...Read More