"The end of the rally could very likely be a Nasdaq level 1 “limit-down”-type trade, and/or with SMH -15% to -20% in a single-session, and slowly moving into Pretty Damn Real Delta..."

"...stick with the long delta / long vol pairing."

In the end, Steyer may not consider the powder worth the prize when it comes to Porter. It would, however, make for a more interesting case than the campaign of either candidate...

'Hostile acts' against island which is home to a major China-funded port project...

"The irreparable harm resulting from the Supreme Court of Virginia’s decision is profound and immediate..."

"I think personally that this is a serious threat on US producers and will strain many..." 

...gives me pause about the fragility building into this rally

...coal is back in demand, so much so that even countries and regions that believed coal use was in an irreversible terminal decline have boosted imports.

Three have died...

It's not just the Iran ceasefire: quite a lot of things suddenly find themselves on "massive life support"...

Anthropic just published a statement that should terrify anyone buying private AI shares on secondary markets...

1952 photographic inventory sparks fresh speculation linking to recent underground structure claims at Giza...

Starmer’s rapid rise and (apparent) fall are symptomatic of a broader trend unfolding across the Davos regimes of the collective West...

“Inflation is roaring back largely driven by stubbornly high oil prices. As a result, we expect the Federal Reserve to be on hold through the summer on interest rates.”

On the surface the market looks relatively unremarkable... What is highly unusual is what is going on below...

Targeted southernmost city of Eilat on Tuesday...

...but core CPI remains stable.

"a hotter print now is something markets can look through, but inflation is accelerating higher for the June print, then we think the bond market will react negatively, e.g., yields higher." - JPM

Option expirations can remove stabilizing dealer hedging flows, especially in a call-heavy tape...