The energy trade has gone into overdrive due to the war. Once the war ends, many of these stocks will fall like stones. We are likely to lighten up on our energy sleeve this week, opting for inverse ETFs or even ag as a preferred method to hedge. At some point the price of oil...Read More

Let’s start with a positive note. We made 17bps for the week, +218 over SPY and more over the Qs. Year to date, we are now +5.3% over SPY and +6.8% over Qs. This is not great news, since we are down for the year ~1.7%. But we are maintaining a healthy distance from the...Read More

Quick note here for you gold nutcases. Part of the reason why US markets, although terrible, have been least terrible around the world is because the dollar is rising. Since Feb the dollar is +5%, which produces an incentive for foreign PMs to invest in America — rather than their rotten countries. By doing so,...Read More

For the ninth consecutive Thursday — markets went lower. The trend is almost too obvious — but again we drilled lower. This time it was due to Trump’s comments on maybe not wanting to negotiate with Iran, at the same time military assets are moving into place for a potential island invasion.The result was broken...Read More

Another interesting session. We started off 50bps behind SPY and ended up 13bps ahead. There was an early morning dump out in some semis but that quickly reversed course. Some of them finished down, based off reports that Google Quant is working on making memory chips more efficient. Shares of MU, SNDK and WDC all...Read More