"...the market is - correctly -- discounting the value of survey data these days.  To my eye, this just underscores the value of the hard data in the current cycle..."   

President Joe Biden polls at or below 40% approval. Historically, such unpopularity has made it almost impossible for a president to be reelected...

"Another rough night..." 

... given that we are now in a world where there is little conviction of returning to a 2% inflation regime anytime soon, bullion has room to grind higher.

It's like clockwork: every time China's FX outflows jump, bitcoin erupts higher. Rinse, repeat.

...but who will Trump pick?

Joint Chiefs chairman: "We’ll get there eventually, over time."

Investors believe the deviation between fundamentals and fantasy doesn’t matter as long as the Fed supports asset prices. Such a point remains challenging to argue...

Thanks for playing retail. 

“I don’t think I’ve ever seen a star cooperating witness get his knees chopped out quite as clearly and dramatically...”

...approximately 25% of index gamma expiring today, and with that volatility has the opportunity to increase next week

This has pushed the Comex copper futures curve into massive backwardation...

"While Grand Theft Auto VI has been delayed, the long-term opportunity..." 

“You’re almost as bad as he is...”

Bullish the break out? Buy options. Bearish the break out? Buy options.

"Something never seen previously."

The new program powerfully signals that policymakers are pushing... 

"I've been critical of Tesla shorts like @davidein because they fundamentally misunderestimate Tesla's core value driver: autonomy."

“The markets are now at a bit of a crossroads,” said Stuart Cole, head macro economist at Equiti Capital. “With the central banks all very much in a data-dependence mode, the markets will be also adjusting expectations to each piece of relevant data that comes out.”

The goal: to effectively revoke the oil and gas industry’s "social license to operate."