gimme an f
market vibes
February 24…)
Where to begin… the news.
“America is the hottest country in the world” tonight at 9 PM ET. Virginia Gov. Abigail Spanberger will give the Democratic response afterward..
Bloomberg is reporting the new Trump tariff is 10% but CNN, CNBC, The New York Times, AP News, BBC, Al Jazeera, and Politico are referencing a Trump tweet saying the new tariff will be 15% “effective immediately.”
Jamie Dimon guided Q-1 2026 trading income could be more than the record Q-1 $9.7 billion in 2025 due to “volatile” markets. This is an interesting note. The only “volatile” markets in Q-1 2026 were gold and silver (certainly not stocks bonds oil or dollars). Considering the largest bank in America has been pilloried for years for being short gold and silver, the idea they are going to exceed $10 billion implies their traders were actually… massively… long gold and silver… if you think it through.
Jack Hughes says he’s got a great dentist! If hockey were a futures market it would be locked limit up for days. Lest we forget… the girls won the gold, too.
in the markets
We have a few good examples of technical and narrative development this morning so…I’m going to lead off with bitcoin. The leading “limited supply of nothing” is auctioning lower in high volume as the futures roll progresses. This is the last chance for “the coin” to hold $60,000 and the trend is down.
In the years before electronic trading prices moved first and narratives followed them. Everyone called the floor asking, “What’s happening?” Today media and offficial reporting create narratives and asset managers use market prices to validate them in the media. Bitcoin is a notable exception. Prices have been declining in spite of bullish narratives since last October.
The top of the wedge in April gold is $5143.00. Under that level implies mean reversion. Open interest was up 5000 yesterday according to preliminary data, not bad… but not a booming sign of demand either.
The point of control in gold is a wide zone ranging from $5075.00 down to $4990.00 where the market has been willing to facilitate almost any amount of trading since the January 30 plunge.
