Small crappers got blown out today amidst zero pomp, barely any circumstance. The IWM, the denizen of choice for rotator lovers, shed 84bps. Overall market breadth was just 32%, but that was heavily concentrated in pedestrian (poor) stocks. For the tera caps, breadth stood erect at 68%, providing us with gains of another 63bps, now...Read More

The SPY is +2.7% for the month, yet SNDK is +100%. We have seen a rotation out from tier 1 names into tertiary stocks, providing us all with first class insipid entertainment. We understand how some of these runners resolve and should exercise caution as to the percentage of assets one allocates to them. All...Read More

Let’s review.Markets are at ATH2-10 spreads +532-30 spreads +112FOMC cutting ratesEarnings have been greatIn the midst of largest CAPEX spend on recordHeading into seasonally strong period for stocksI understand why people get nervous at highs — the disbelief and doubts seeping in, a recognition of it all being “too good to be true.” And then...Read More

As the jackhammers hammer at House Fly and water finds its way down to my living room ceiling below, we enter the arena of the Fed. We are expecting a cut of 25bps, but the commentary is most important. Will it be dovish or hawkish or moderate? I think either scenario leads us down a...Read More

Markets have entered the euphoric phase of the current bear run, heading into FOMC day. We gained +71bps today, comfortably ahead of the SPY — thanks in large part to clever and opportune positioning. There is a concerted effort around AI and power stocks, one of which we are long in small size (AMRC) has...Read More