Gnosly

If the US effectively removes the diesel exports from global markets, we will have a new low in global refining capacity available for energy markets Potentially VERY big deal, but I think it is a trial baloon from the administration.Source: Andreas Steno Larsen@AndreasSteno

We've never in almost 100 years seen breadth this bad.The S&P $SPY is knocking on new highs but there are (many) more stocks at lows than highs.The percentage of stocks in long-term uptrends is plunging.The only remotely similar setups were January 1973 and November 1999.Source: Jason Goepfert on x

Nothing Stops This Train!What can possibly go wrong?The global bond market is on fire, and we are approaching a stage where higher yields will hurt economic activity. The yields are breaking out as markets defeat "the house", and record diesel prices (equivalent to $230/b oil) threaten to stall the economy and raise inflation.The macros are deteriorating, and we need urgent resolution of the Middle East war and an end to the refining crisis to avert a global financial disaster. Furthermore, we believe that as hyperscalers go max to raise funds, a higher cost of capital may eventually lead to lower returns on capital. What a grand mess!