“We’re crowding in, most importantly, US private equity participation..."

...the Fed Put is somewhat deeper out of the money but remains present in the event of a real crisis...

"Crowded positioning coincided with an air pocket in demand, leaving consensus longs without a marginal buyer. A snapback is possible, but MS quants would sell any bounce in Momentum..."

...matters because farmer confidence is cracking.

Just more bad news for Goldman's long-time Novo bull James Quigley... 

...a new report also suggests he fabricated a story about his great-grandfather fleeing the KKK.

The good news is the process to identify the subversive agents inside the various offices of the administration continues to yield results.  The bad news is there’s a lot of them to identify and remove...

... while Bitcoin’s recent price fall seems stark when viewed against its longer history, it reflects a retreat from highly speculative gains over the past two years, suggesting it still has room to mature...

AGQ bagholders (the 2× leveraged silver ETF) now need a 3× move just to break even.

Say pwease... 

But they insist it isn't happening!

Bitcoin: Call it money, call it code, call it a philosophy, the tape calls it software. And software is getting smoked.

The US jobs market just fell off a cliff, again. 

"I am directing ALL Federal Law Enforcement to be at the family’s, and Local Law Enforcement’s, complete disposal..."

The think tank showdown: Heritage v Cato...

...despite the scale of market moves, as ‘Bill Gates stated: “The majority of AI companies will fail”-- few writing about it understand the sector...

In sharp contrast to what’s going on in software, the cyclical parts of the market trade very well...

“Nobody is above the law. Not billionaires. Not the powerful. Nobody...”

YTD buying in semis is 5x larger than any other industry, already ~half of all semis demand seen in 2025, and bigger than full-year 2025 demand for every other industry combined. Let that sink in.

Region on edge...