right now, it's more of this broad dollar trade with the only idiosyncratic story is Japan

if you're buying Bitcoin, what are you actually cheering for? What are you hedging? What outcome are you looking for that takes Bitcoin to $150,000?

as a new Fed chair, you have to be hawkish. You have to say we're committed to the inflation target. Like, that's just what you do. Every single Fed chair when they start tends to be more hawkish.

obviously, that's had a big impact on gold. So, it's all kind of gone to the sort of more traditional FX regime where dollar up, gold down, following rate differentials.

there's some good trades to be short dollar-yen into the interventions, but you got to be quick and get back out because the thing ultimately that will make dollar-yen go back down for real would be like US recession, lower 2-year yields in the US, or coordinated intervention

as a new Fed chair, you have to be hawkish. You have to say we're committed to the inflation target. Like, that's just what you do. Every single Fed chair when they start tends to be more hawkish.

if yields are moving 40 basis points in a week, then stocks start to get scared and start to sell off like in 2022. So, I think it's more important to watch the velocity of it than the actual levels.

they're going to stop their share price decline by cutting their CapEx to improve their cash flow, lower their leverage. And then you get this announcement from Amazon and then the cracks start to spread outside of the generals into the semis, the AI, you know, into Korea, into Taiwan.

the trade hasn't played out yet, but I continue to really like gold. And like, these, like, it's just, it's all been washed out. All the momentum's in these other sectors. At a time where it looks like real yields are starting to peak out here.

all we needed for, for where Bitcoin was at and the fact that, like, you're pushing it and it wasn't going below $58K. We got like that one liquidation wick, like some guy got liquidated for like $700 million or something