start your engines
market vibes
January 16 …)
"The winner ain't the one with the fastest car, it's the one who refuses to lose." Dale Earnhardt Sr. (RIP, sir.)
Data on tap this morning:
In the news
In politics, the ritual brutality of confirmation hearings is proceeding as expected. Trump’s intent is obvious. The people he’s picked for confirmation and the Democrats know the shoe is on the other foot, but it must be done. Scott Bessent is scheduled to appear today. That might be worth watching.
After 9 days, the fires are still burning and spreading in LA, according to multiple citizen posts. Some areas have come partially under control, while others, like the Palisades fire, are less than 20% contained. High and dry winds continue.
Gary Gensler is leaving the SEC and, yesterday coincidentally, Hindenburg, the notorious short seller, announced they are shutting down. One of RFK Jr.’s campaign promises was to stop naked shorting and other illegal short selling practices.
The BOJ plans to hike rates next week. CME Yen futures in daily data below.
In the markets this morning
Index rolls are over, energies are in March. Nothing indicative of a new leg up is present in crypto. Short-dated yields (that part closest to the FOMC’s influence) fell sharply in sympathy with the mood of the markets yesterday. Long Bonds popped a bit but they’re lower this morning.
A bit of a coinky-dink going on in BCOM/WTI…
Stocks, gold, energy, and the dollar up next:
