This was a difficult session, in spite of our +10bps gains. Sure it was better than market and we made some money, but the intraday news was ridiculous. Late afternoon the Energy Sec tweeted a US Warship had successfully escorted an oil tanker through the Straits of Hormuz. On that news, markets were joyous, ebullient...Read More

Last night it was the end of the world. Oil futures rose by 30% and markets were poised to crater by 2.5%. Asian markets were down 6-9% and the dollar was soaring. At the onset of trading today, the mood was cautious. We maintained better than market performance all day and close +106bps, in spite...Read More

Pardon me as I digress from the depressing news events of the moment in an attempt to bring a little joy into your lives. As many of you know I am a voracious reader, and have been so since my early 20s. Back then I made a commitment to only read classics, figuring I had...Read More

Rough week and a tough session. We have oil spiking to the moon, at the same time barely moving the needle on XOM or XLE — likely because investors think the spike in WTI is transitory. Spot traders are in the moment, monitoring the situation. We had several headwinds this week, the first of which...Read More

Rough tape today, based off the war, rumors of more wars, and the subsequent moves in oil. Markets rallied into the close and we shed 106bps for the session, mostly due to pronounced weakness in industrials and metals. Much, if not all, is the result of higher oil and the dollar strength. But this is...Read More