ChesapeakeMacro

Analyst. Just my opinions, not advice. Always trying to learn more.

[ChesapeakeMacro @ChesapeakeMacro]

A truly outrageous story

[Noel Smith @NoelSmith]

I was the main counterparty for airline puts before/during the 9/11 attacks (I was in the World Trade Center building for lunch the day before); they were buying puts in $UAL and American Airlines for weeks before the attacks. Brokers would call me and ask for a bid, I sold some, they seemed rich, then richer, then they just kept coming. When someone is buying a dollar bill for $1.01, you think, "sucker." When someone pays you $1.05 for a dollar, you think this is free money; when someone pays you $5 for $1, you bury your face in research, study the trade and you're very worried; when someone pays you $10 for $1, you know you're dead, but it just has not happened yet (and this is after I already got my ass kicked in Enron). The morning of 9/11, I would have blown out hard and would have had to fire about 60 or 70 people; the market didn't open, so that saved my firm. We didn't know there were 4 planes in the air, it could have been 4000 planes for all I knew so I told all of my traders to go home. My office was at the Cboe so I assumed it was also a target, and our lives were in danger. I was very worried that my NYC guys were dead (they were ok). I had no idea what to expect the next few days. When the market did open, I was down massively, but not blown out. The markets were so wide and the trading was so good we were net profitable by early November, a stunning turn of events. Stories about money feel gross when some people lost everything; I'm very sympathetic to the people who went through unimaginable hardship and I feel like me talking about trading is so small and petty in juxtaposition to the seriousness of true loss that many thousands of people experienced.

[ChesapeakeMacro @ChesapeakeMacro]

@goodalexander Nice read, thanks sir

[ChesapeakeMacro @ChesapeakeMacro]

@EffMktHype @deerpointmacro

[ChesapeakeMacro @ChesapeakeMacro]

@CRUDEOIL231 Good write up, appreciate it

[ChesapeakeMacro @ChesapeakeMacro]

@duckman1717 Appreciate the write up!

[ChesapeakeMacro @ChesapeakeMacro]

$IWM tends to be the most sensitive equity index to talks of rate hikes/cuts right? Notable underperformance today vs $SPY $DIA $QQQ.

[𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐇𝐲𝐩𝐞 @EffMktHype]

*BREAKING: Bondistan is opening its borders on 15th September to celebrate Lehman Collapse Day and you're invited to get your visas ready!

The Ultimate Guide to Bondistan 2nd Edition is coming to print!

Do me a favour and spread the word!
More details to follow.

[ChesapeakeMacro @ChesapeakeMacro]

@traderchicago7 Crazy story, appreciate you sharing the good and the bad tales alike!

[ChesapeakeMacro @ChesapeakeMacro]

@MacroSkokie Just remember us when the paywall/subscription service starts!

[Jeffrey Currie 🆔++ @CommodMkt]

Wake up, folks. Commodities are telling you something, and yesterday the Treasury confirmed it.

Scarcity in the physical world. Repression in the financial one.

Scarcity pushes prices up. Repression holds yields down. The gap between them is the debasement.

Commodities are the only asset class that wins on both sides.

The structural case for commodities has been turbo charged. Underinvestment, deglobalization and electrification all pushing markets like diesel cracks and copper to new highs.

Meanwhile the chokepoints are increasing, from Hormuz to the Red Sea, the Rhine, the Panama Canal, the Black Sea grain corridor and Russian refining capacity. It is becoming increasingly apparent that not a single one of those is reachable by anything in Washington's toolkit whether it be caused by war or weather.

The illusion of abundance is likely behind us. I said as much on CNBC this Monday, and I got long gold, silver and agriculture last week.

Ten points for you to consider. (1/11)

[ChesapeakeMacro @ChesapeakeMacro]

@MacroSkokie As a newer trader, you were spot on about chopping up the account a couple months back.

[ChesapeakeMacro @ChesapeakeMacro]

@EffMktHype Thank you sir

[ChesapeakeMacro @ChesapeakeMacro]

@MSGCapital One of the better parts of using this app..get to hear cool stories from seasoned traders.

[ChesapeakeMacro @ChesapeakeMacro]

@cyrano54 @ckleene Equities seemingly not too concerned about that 30Y..

[ChesapeakeMacro @ChesapeakeMacro]

@agtradertalk Sorry for your loss

[ChesapeakeMacro @ChesapeakeMacro]

@agtradertalk Appreciate the Ray Lewis appreciation.

[ChesapeakeMacro @ChesapeakeMacro]

Ah yes the unending humiliation of seeing our beloved bridge still unfixed years later.

[BODEGA PEPTIDES @bigsnugga]

what was that quote about how nobody knew the roman empire collapsed they just noticed roads and bridges stopped being fixed

[ChesapeakeMacro @ChesapeakeMacro]

@traderchicago7 Nice tunes too

[ChesapeakeMacro @ChesapeakeMacro]

@MacroTactical I am their exit liquidity 👽💀

[ChesapeakeMacro @ChesapeakeMacro]

@jasonlbritt May as well just rip the bandaid off in Japan and raise rates.