The US 10yr leapt higher to 3.17%, new recent highs — in spire of WTI cracking lower. This is suggestive of both stagflation being present and/or oil being RIGGED lower by America SPR releases. Either way, we are in a bear market and the market closed at the lows — off by 280.
I managed my day in a most genteel manner, +53bps — finishing the session with a combination of long and shorts designed to stymie alpha. I will not be trading tomorrow and will close out today’s positions from the airport.
If I don’t blog tomorrow, I’ll be sure to catch you on Friday.
Remember, September looms large and everything will change then.
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Civilization is built on cheap, abundant energy. Without it, there is no finance, no leverage, no wealth. Everything is lost.
Humanity is about to embark on a journey back in time, as if in HG Wells’ time machine. Eventually, if we are lucky, returning to an agrarian society. Except an agrarian society can no longer support 8 billion souls.
HELL IS COMING and there will be no escape. For anyone. Gird your loins.
This guy and reality agree with you:
@DoombergT
Europe is hurtling toward the hard wall of physics at a frightening speed, and its leaders are stomping on the accelerator.
Societal collapse has hit the Green Mountain area (where I relocated six years ago). On my local newsfeed was the crime headline for an adjoining town: “Bike Stolen in Goshen.”
Hold me.
Is it just my imagination, or did California ban the combustion engine last week, only to follow that up this week with telling EV owners not to charge there car this weekend?
Enjoy the trip and weekend! What day is it? Kid pulled apart his first motor today, holy cow he’s ready to learn at 15.