One more warning won’t do anyone harm. Conditions were pretty solid for a bounce. It’s very unconvincing so far. VIX TS backwardation sticky. VIX stuck above 30. Market depth is shit. Crypto failing to gather momentum. Too many potential unwinds (SoftBank, ARKK, MSTR…)
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And spreads haven’t re-priced rates move yet. This is a market that shd have seen a step down in vol curve and TS, a pick-up in volume and a follow-through. But something might be preventing this from happening. My guess is the pending credit dislocation. Stay small and shy.
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You would think if ARKK was close to having to force sell positions, the market participants would really put some stress on her big names. Maybe they are now. If Tesla goes down more, that might trigger it.
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I longed size*2 today
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Agree 💯. At some point in the future, NQ generals will be a good play once allocations prove to be too small after all the rotations to value prove to be over done. Not there yet.
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Yep- HYG is a weird market on the. d/s- liquidity disappears, price discovery happens only when selling forced/ stopped out.
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