If the short-covering we are seeing now hands off to real alpha buying, the broadening-out trade will get legs and supply will be digested. But if conviction remains missing, that record wall of supply will meet a market that solved the easy problem and is working on the rest.

Leveraged ETFs, extreme volatility and dealer flows are feeding off each other in one of the most unusual market structures on the planet.

License plate readers were just the beginning...

...after an ugly April.

The Americas are replacing the Middle East as the key source of global oil supply, with crude exports from the Western Hemisphere hitting a record 14.5 million bpd while Strait of Hormuz traffic collapsed...

“All eyes will remain on the Fed for now and how Kevin Warsh will handle the competing pressures from rising inflation and the prospect of lower energy inflation once the Strait of Hormuz reopens”

"… but history does tend to rhyme..." 

Details of the deal show that Cursor shareholders will receive SpaceX Class A common stock. 

Gold investors are suddenly obsessed with downside protection. Meanwhile, upside exposure has rarely looked cheaper.

The market is not expected to recover to the record levels of 2023 anytime in the next decade...

A demonstration of several thousand people took place in Rome on Saturday to advocate for remigration and stricter controls on immigration...

The BoJ hiked rates to 1.00%, as expected, while the RBA left rates unchanged at 4.35% following three consecutive 25bp rate hikes. 

SPCX has added $650 billion in market cap today...

Hedge funds are de-risking, CTAs are selling, buybacks are fading... yet stocks keep making new highs. Who is the mystery monster buyer?

91 percent of people surveyed in 32 countries said that their diet contained meat...

“Any recovery in Chinese oil demand - particularly if energy flows remain constrained - could tighten global energy markets, reignite inflation pressures and complicate the task facing central banks”

Korean regulators and banks are cracking down on local borrowers who are using overdraft loans (similar to using a credit card) to buy stocks... and Goldman is starting to be worried that the music is about to end. 

Most countries at the top of the ranking border major conflict zones, highlighting how geography shapes refugee flows...

Goldman sees Tesla deliveries surprising to the upside.