Rates are at a point where I expect intervention or news of the miraculous nature to control them lower. As such, I think much of Walled Street believed that to be the case today too. Given the circumstances, the indices are well behaved.We are positioning for risk and will be eager to buy any dip,...Read More

If all in short here, how do you feel with markets flat and the US 10yr at 5.20%? Oil ripping higher and bad news out of ORCL in regards to their New Mexico datacenter — and yet stocks don’t budge. The prevailing working theory is there is going to be intervention. It is not a...Read More

We have an oversold signal on IWM at the close, which takes bottoming at the top to a new level. I read today this is the 7th day in a row where 52wk lows outpaced highs. Consider that 4% of stocks are down 30% for the year, crossed against 10-14% during the go-go days of...Read More

Now all of a sudden the safest place to hide is the datacenter. You must come out from the Jelly Jar and run into the datacenter and lock the door behind you. Banks got lit up, -2%, but semis lifted 1.9% and many other AI centric names lifted too — as the rotation continues. We...Read More

On Friday we legged back in with nearly all of the cash — save a few percent. Today we added a little more, namely to QCOM, VRT and new position in DAL. The prevailing winds blew our way and we netted ~197bps for the session, about +42bps over SPY. The big gains were found in...Read More