The CPI numbers came in a little hot and if you bothered to take a glance — it was all oil related. But that didn’t stop the sellers. Today rates went lower after a 12bps move in the 10yr after the CPI posted and oil was a non-event. So why did stocks get their brains...Read More

High beta was down 3% at the lows — pulled up towards the end of the session to just -1.11%. The semis were down 3%+ in the morning and closed down just 45bps. That being said, risk is presently mired in a deep correction, masked by Mag7 strength and intermittent large upside moves in software....Read More

Gene therapy stocks were super duper hot until a week ago and have fallen 18% hence. Same goes with our beloved semis and fibers — all were smoking hot until the past week, which have wrought hell on earth upon their persons — off by 15%. Want to hide out in telephone stocks? Good luck...Read More

This morning we had rates jacked higher coupled with oil spiking 5% — looked like a real blood bath in the making. Then things started to settle in — rates reversed and went lower, paired nicely with oil coming down off thew highs. One would have thought this a recipe for a nice rally? WRONG....Read More

The elevated rates are way more destructive for the blue collared portion of the global economy, which is seen readily in IWM, XHB, KRE and XRT. Anything touching the consumer is getting marked lower, whilst very cool and awesome semis and AI stocks are in their own parallel economies, devoid of most of the tumult...Read More