What if they are right...?

BTC returning to being the "everything hedge" again?

Magnificently overbought. Totally leaving everyone behind, including the 200dma...

Japan’s 30-year yield is going parabolic, dwarfing prior moves....threatening tech valuations, and risking volatility spill overs into global markets.

Non dealers positioning - NASDAQ at all time highs, Russell close to 1 year lows.

JPM FX: "Various systematic/technical indicators have turned less USD-bearish". ......Our personal trading take is that "less bearish" for a bombed out asset is normally actually very bullish.

First stop on our European tour: Munich. As a macro tourist playing literal macro tourist, it may not be the sharpest investment strategy—but after a few days of spotless streets, lush parks, and PhDs on every corner, we are feeling oddly bullish on Germany.

Missed the Melt-Up? Cheap Volatility and QQQ Call Spreads Offer a Second Shot at Tech Euphoria.

Dollar shorts carried out on stretchers zerohedge.com/the-market-ear…

Tech Euphoria - spread between NDX - Russell futures position needs a bigger chart....

While people are debating whether to be long the European bull story, GS points out: "NVDA is now closing in on 90% of the entire SX5E in terms of mkt cap (4.1tr vs 4.8tr)".

What if the market changes focus from a light TACO to a heavy BURRITO?

King Dollar - "Most Crowded Trade" Now Hurting Most People.

You need silver to run all those AI machines...

Foreign investors have turned buyers of EM equities and have net bought more than US$30bn from April lows.

Another great podcast episode from the TS Lombard macro team🎙️ Tune in GlobalData.TSLombard

Teflon Tech - Gross exposure at ATH, stocks at ATH, and cost to protect earnings at all time lows... zerohedge.com/the-market-ear…

You know things are starting to feel a bit frothy when QQQ's 35% rise since April lows looks tiny compared to the huge squeeze in the most shorted basket, up 83% from April lows. zerohedge.com/the-market-ear…

Crazy stat: Both Amazon and NVDA IPOed at $500m in market cap. Those were the days...

Blackrocktopus now manages a staggering $12.5 trillion in customer assets.