The cleanest AI trade is losing momentum across the board. Trend breaks are starting.

Allied assets in Eastern Mediterranean intercepted in fourth episode of war...

...the market is mispricing the policy distribution now... with expectations of a much larger hawkish shock than historical experience would suggest...

The Houthis could place roughly 5 mbd of Saudi bypass capacity — currently routed through Yanbu — at risk, a vulnerability
that could add $20/bbl to oil prices by JPMorgan estimates.

Great news. 

The restrictions were ordered by the Denver Board of Water Commissioners after they declared a Stage 1 Drought.

"At this time, it is not yet known how long this situation will last."

The thinking in Tehran is that any large ground op would necessitate staging American forces there...

That leaves the market in a difficult place to call: positioning has improved, but growth expectations haven’t reset. We haven’t seen full blown panic, but the options markets are bracing for it...

The Trump administration opened up negotiations with elements of Cuba’s leadership ​in recent weeks.

"...equally concerned about the conflict spiraling as I am people getting caught with too many hedges heading into Easter..."

"... networks, cells, anti-revolutionary groups, and espionage rings were arrested, and 139 Starlink devices were also discovered."

This is the kind of environment where how you deploy capital matters far more than just being “in the market.”

The suspension covers Sony's CFexpress Type A cards in 240GB, 480GB, 960GB, and 1.92TB sizes... 

XLE is up 40% in a near-perfect trend. Momentum is extreme. Positioning is crowded. The trend isn’t broken — but the asymmetry is shifting.

"We have been stupid slow recently, slower than we can recall in many years. We continue to believe it’s from the chaos and confusion coming out of Washington"

Tehran denies responsibility for 'depraved' attack...

The theme of late has been one of weekend escalation in tone and action followed by Monday attempts to de-escalate through words and talk of ‘talking’...