1/ Druckenmiller's first mentor, Speros Drelles, would often tell him that "60 million Frenchman can't be wrong." Here's a thread on what that means and how to know when you should listen to or ignore the "Frenchman" (market)...

BIG OIL STRATEGY: Chevron updates and extends its business plan to 2030, expecting to buyback $10-$20 billion per year over the next five years. The company is tightening its belt, reducing capex guidance by $1 billion a year to prioritise returns over growth. $CVX #OOTT

The S&P 500 was recently extended 13% above its 200-day moving average. The median maximum annual drawdown was a muted -2.32%. The average one-year gain was +13.60%. Both figures are indicative of a strong uptrend. Click image to enlarge. $SPX $SPY $QQQ

When 52-week highs/lows are roughly equal near all-time $SPX highs - It's rare. We dug into the data to see what's happened historically when breadth looked like this. - Times it has occurred are marked below - interesting Full discussion on this week's pod (drops in 2hrs)

My former pinned tweet hard at work.

UMich Corrent Economic Conditions Index just fell to its lowest reading on record.

H/t to @MacroOps for his great weekly piece highlighting the opportunity. Not sure what you're doing if you're not subscribed and reading Alex's Monday Dozen each week. Best way to start the trading week. Read here:

Goldman Sachs and Cboe are flagging a couple things that look like peak or near-peak optimism in options markets: -Mag 7 put/call skew inverted -share of S&P 100 stocks with inverted call skew https://t.co/JTH31i3fza

Companies have good reasons to blame AI for layoffs regardless of whether their layoffs have anything to do with AI.

As military action against Venezuela looms, the US just closed a swath of airspace off the coast of Puerto Rico, designating it "National Defense Airspace." The closure is adjacent to José Aponte de la Torre Airport, home to a significant deployment of forces.

Bull market = something I bought that is going up Overbought = something I sold that is going up Overvalued = something my coworker bought that is going up Bubble = something I did not buy that is going up

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This is rare: NASDAQ 100 gapped up yesterday. Its intraday Low was 0.3%+ above its upper Bollinger Band ! Every historical case saw the NASDAQ rally a year later. Average gain +26% h/t @Mr_Derivatives $QQQ

I went through this exact journey myself. After 13 years climbing the ladder at hedge funds in NYC and ultimately reaching my goal of becoming a portfolio manager, I had a major internal crisis. I had the analytical capabilities to do the job, but my nervous system wasn't wired

We got long into Crude trade this week, and it could turn into a monster from here

https://t.co/glmmKoHkVy

China's new Trump playbook: Punch hard with real leverage (rare earths) , while conceding on "spiritual opium" like TikTok. The risk? This heavy-handed strategy could backfire, provoking the very China hawks Beijing wants to sidestep. https://t.co/ux5BeRIlKl via @WSJ

CHART OF THE DAY: Turkey doesn't get enough attention in the petroleum market: despite persistent economic troubles, oil demand is booming. It has become the 4th largest oil consumer in Europe, overtaking Italy, and it's neck-and-neck with France for the 3rd spot #OOTT #Turkey.

Luckily since the Louvre made NFTs of their jewelry, even though the crowns physically were stolen, they still own the same assets. Because the tokens still exist and are in limited supply just as before. Nothing has changed. few understand blockchain technology.

Relative to the action of late, this morning is off to a quiet start. $SPX/ $SPY are holding above 6700/670, $QQQ is finding support at 610, and $VIX is settling in below 20. The VOL smashing of the past two sessions has pushed $VVIX into the low 100s, but there's room to slide

Beer can trade $CENX