An elevated VIX feels uneasy, the sort of tape we just endured the past 3 weeks. When below $20, things feel more orderly, sort of like today. It wasn’t a great day — but it wasn’t jarring. You almost didn’t mind the market being open for short periods of time. But when above $25 and...Read More

Yesterday’s tape was an abomination, today was nearly the inverse of that — with markets up thanks to somewhat conciliatory comments out of Powell, who reminded people that recession forecasters are rarely, if ever, correct. When I look at stocks like HOOD +7% at $42, I am reminded that there isn’t any rush to be...Read More

It seems we were correctly positioned today, in spite of losing a little. Down 34bps in a down 170bps day for the NASDAQ means we missed the tumult and exchanged it for an ordinary day at the office. Before heading for the road, I derisked — selling SPOT, DELL and META. The longer this squall...Read More

What a unique St Paddy’s Day parade, basically bereft of anything Irish — a wanton celebration for the sake of celebration. We had a good time, drank some Guinness and some shots of whiskey, some sub par dinner and now calling it a night. If 15 years younger, Savannah on St Paddy’s day would most...Read More

This logic also applies on the downside. It was pleasant to see the markets green on Friday; but it doesn’t fix all of the broken charts and dreams, harkening back to the halcyon days of January when the good times rolled and markets fixed higher.We are in a different environ now, one ruled and dominated...Read More