Markets are shrugging off the war and bidding up stocks intraday. It has become apparent, at least for now, this is not going to escalate into something that would be deleterious to American interests or markets. That could always change. Early going oils were in play, now it’s more or less everything. I pared down...Read More

Right before extended trading hours closed at 8pm — reports that Israel was attacking Iran hit the tape. These rumors have since been confirmed, in what is being described as a targeted attack on Iranian officials, military command, and nuclear facilities. People tend to over-exaggerate the deleterious effects war has on markets, when in fact...Read More

One of my favorite clients (wealthy) likes to inform me when I am not beating indices — his way of telling me to get my shit together. The market seems much better the past month or so and the trillion dollar question is — ramp from here or retrace?At 6am I was awoken by an...Read More

Gents, Ladies:Markets pulled back a bit today, SPY down 23bps, Nasdaq -50bps. We managed gains of +19bps, still about 80% long into this period of consolidation. Before cresting to new highs, I think markets are dealing with a bit of churn here. The intraday rumors of war pending against Iran did us no favors, with...Read More

Ninety one stocks, with market caps of at least $1b, fell by more than 3% today. Totals without market cap filter was over 340 down more than 3%. By looking at the indices — you would not know that. Of the 3%+ losers, just 3 had market caps over $100b.The AI datacenter trade came under...Read More