Back in the Game!
Hey Gang,
My flight back from Argentina was delayed and internet access has been limited, but I still wanted to share a few notes heading into tomorrow’s session. I’ll be back on the screens at full capacity tomorrow morning.
Disjointed Market Action to Begin 2026
Precious metals going parabolic to start the year seems like it could be a warning sign for things to come. Same applies for the US dollar falling off a cliff. Same applies for Japanese bond yields ripping higher. Same applies for US bond yields failing to decline despite the Trump admin introducing multiple policy initiatives aimed to send them lower! Bitcoin failing to lead risk assets higher. Macro instability
Equities tend to climb a wall of worry, but there is no more wall of worry to climb!
ORCL CDS rates continue to blow out!
Call me paranoid…but why would credit protection on ORCL blow out if all of this AI spend was happening on a solid foundation? This looks like the credit market is saying that Oracle won’t earn an adequate return on its AI capex:
Cannabis Judgement Day Approaching
Mega Earnings Incoming
Thanks so much for supporting our work. Have a great evening!
-Andrew