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此去经年，期期再遇，流光追不及

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@BabybusFL fnma和fmcc可以买吗？之前的跳涨gap已经补上了

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@MrMicopedia 把风险全转嫁到theta上….买put 买call都要死！哈哈

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@ShanghaoJin @tsiniuma @LIWEI_TWCapital @Alex_Intel_ 我觉得倒没有这么悲观吧，围而不打，能封锁第一岛链，目的就已经达到了。

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wow

[James E. Thorne @DrJStrategy]

Take a deep breath

A job report that only a socialist on Wall St can cheer for.

78% of job growth: government, education & health and leisure & hospitality.

Have a nice day.

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@BabybusFL 感觉还好啊，nfp增加的大部分都是餐饮这些行业啊 核心私人就业估计也就跟预期55k差不多 无非是加息空间又大了点

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@BabybusFL 这个账户可以改名叫 rip麦田老师了😂😂

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@bboczeng 都是多少年前quant面试题了…现在早都不问这种问题了

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@BabybusFL 黄金跌的让人想吐了

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@BabybusFL 可以买soxl call吗

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@BabybusFL 😭😭😭

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@BabybusFL 符合市场预期啊…这kospi跌回去了？

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@andyz8818576155 说是要打波罗的海三国….

[Alma @alma271828]

Let me explain…

This is CIA Director John Ratcliffe and his delegation.
They arrived from Washington to Riga on a comfortable VIP aircraft (C-40B), but there they transferred onto a C-17 heavy cargo plane. The C-17 is equipped with built-in missile approach warning and countermeasure systems and was capable of transporting the delegation’s armored convoy and protected communications systems directly to Moscow.
(The United States requested in advance that Ukraine suspend deep drone strikes against the Russian capital for the duration of the multi-day Moscow stay.)

Since the Russian strategy is to play for time, the process itself is the product.
Every diplomatic round yields him three things for free:
1) a sanctions deterrent, because while the “negotiations are alive,” Congress holds back the secondary sanctions package and Trump does not open the interceptor spigot;
2) and this is the most important mechanism☝️ Washington asked Kyiv to suspend strikes until the delegation leaves Russia. So every diplomatic event becomes a free mini-ceasefire for Russian refineries and logistics. Ukraine pays the price; Washington hands it over. The only thing that actually hurts Putin right now is that the deep campaign running from the Baltics to Western Siberia is switched off for the duration of the diplomacy. Putin can harvest these windows one after another;
3) It’s a status trophy. Hosting a CIA director costs zero commitment and yields a threefold return. Of course the plane was allowed to land…

Washington faces a binary policy fork this autumn: 1) escalate (sanctions package, interceptor sales, ISR intensification) or 2) pressure Kyiv into concessions. And the decision hinges solely on whether Putin’s runway is real or a bluff. (spoiler: bluff) How long can he hold out fiscally, socially, and in terms of munitions? (spoiler: a long time, because it is an autocracy and interests are aligned with China). This is not a diplomatic question; it is an intelligence-assessment question. My June analysis already said the same thing when I wrote about a “time-limited runway,” a “tapering Iranian windfall,” “social-crisis warnings,” etc. But the variance of the estimate is enormous, and everything turns on it.
Ratcliffe went in order to obtain the direct read before the decision, and also to deliver the Burns mirror — that is, the price list and the warning (“we know what you are preparing for this winter and this is what it will cost you”). You do not negotiate with a time-buyer; you price the time for him. And that has to be delivered personally to be credible. Meanwhile Putin can gauge the quality of the intelligence and the readiness of the diplomacy.

By having the CIA director go in person, Putin gains a clear advantage, because the intelligence channel (as opposed to political envoys) gives maximum flexibility. There is no territorial map on the table, no official framework — this is the ideal terrain for the Russian time-buying strategy.
If everything hinges on the U.S. assessment of Russian sustainability, then the most valuable target for Putin is the assessment machinery itself. A Naryshkin–Ratcliffe (or higher) meeting is the highest-value injection point for perception management of the messages “we can hold indefinitely; your crisis will come first — look at your own bond market.” That is precisely the narrative he wants to feed directly into Langley, the narrative on which his entire strategy rests. Ratcliffe went to observe; Putin wants to write the script. The meeting is a mutual audit of two decay curves under maximum incentive to lie — which is why it can only happen on the intel channel, because that is the audit channel.

And something important to keep in mind: against a post-truth regime, a political promise has no binding force, so the political channel is structurally empty. What remains is the channel that has sensors, not words.
Another point: if they had wanted to keep it secret, it would not have leaked already today. So why is it public? Because the whole of life is theater.
On the one hand this allows Trump to show that diplomacy is in motion, to lull Congress’s sanctions legislation, and to stage a show of force toward the EU (see the Canadian case right now… still the same record I explained last year. Who exactly is the king of Canada?).
For Putin it is a dominance role, because the mere landing of the CIA director in Moscow is itself a prestige trophy that can be communicated at home as the restoration of superpower status (“the Americans come to them”). The Kremlin — through Peskov — functionally did not confirm the preparations, thereby locking the Americans into the role of “supplicant.” See TASS shortly… In essence, therefore, the Americans paid the cost of publicity; Putin collects the yield of publicity.

The process-theater will be spun at maximum until the midterms — more rounds, more leaks, more “near-breakthrough” headlines — because the process is a product for both principals and a cost only for Kyiv. Putin wants nothing from Trump. His calculation is that the Western political (electoral/budgetary) decay curve will break earlier than the exhaustion of Russian economic reserves, and the approaching oil shock plus the social crisis give good odds of that. And I note: according to Western calculations as well…
So even if an air moratorium is reached in the autumn, it will be Putin’s instrument, not a step toward peace — air-defense replenishment, refinery protection, an escalatory option re-activated for winter, exactly as Zelenskyy has also warned.
The Russians are only testing Western cohesion, diplomacy, intelligence, etc. Every air moratorium is rearmament time. It is the threshold test required for the transition from hybrid warfare into conventional warfare; the precondition of that threshold is reconstitution, and the precondition of reconstitution is silence. The ceasefire is not the end of the war; it is the first phase of the Western campaign. The Ukrainians understand this precisely — which is why Kyiv will be the hardest signatory of any moratorium module.

The Eastern powers are waiting for time to run out, for the typical post-midterm Western “shitshow” to arrive, and for the crisis that the West has been accumulating since 2018 to hit. That is when they will move. China on the first island chain; Putin somewhere in the Balkans or around Kaliningrad.
Never forget that time passes completely differently for an autocratic regime than for a Western showcase democracy in which only four-year cycles of public fooling take place…

Watch the diplomatic signals:
Watch how long the drone strikes against the Russian rear remain suspended after the CIA visit. If the Ukrainians restart deep strikes immediately after the delegation departs, it means the pause served purely logistical and VIP-protection purposes — i.e., no deal was struck. Otherwise Washington has successfully forced a deal on Ukraine in the background. This remains true even if Ukraine stops bombing Russian infrastructure and hits only military targets, because energy stability is now of elevated importance to America until the midterms. The deep-strike campaign is currently Kyiv’s only genuinely painful offensive instrument against Russia. If they are willing to switch it off, it means they are vulnerable to the extreme. They will only go along if Washington has promised something vital in return (e.g., immediate Patriot shipments for winter survival) or if Washington has blackmailed them (e.g., by threatening to withdraw the American ISR — reconnaissance and satellite — support that is indispensable for Ukrainian drone targeting).
If the Kremlin, citing the need for “thorough preparation,” only agrees to another Trump–Putin summit after November, that confirms the wait-and-see strategy.
If the legislature suspends Russian sanctions for the duration of the “diplomatic process,” the Russian time-buying is working very well indeed.

This autumn the following:
If an energy moratorium is established (on the 2025 model), watch the asymmetry: if Russian refineries (Russian interest) are exempted from strikes while the Ukrainian energy grid continues to be attacked (Ukrainian pain), that signals the balance of power and the American pressure on Kyiv.
If Washington sells Ukraine the vital air-defense missiles, it signals that it has recognized the Kremlin’s time-buying tactic. Withholding them means forcing Kyiv toward surrender.
If Russian strategic strikes thin out even without a moratorium, that signals stockpile replenishment for a devastating winter offensive (this is a “bearish,” warning signal). This is especially important!
If Mr. Kash Patel’s visit materializes, the normalization process is alive. If it does not, the channel has frozen.
And if after 3 November Moscow’s tone immediately hardens and the negotiation process slows, the thesis will have been fully confirmed: the theater lasted until the onset of winter.

On the market, any “peace-deal” headline is merely sentiment-control for the algorithms that makes the left tail cheaper. The crisis will start from nowhere. Because of the winter re-escalation and the possible oil-shock scenario, it is worth accumulating the Q1 2027 tail options at discounted prices under the euphoria caused by the moratorium.

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@BabybusFL 两房fnma fmcc；电力ceg，nee

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@ShanghaoJin @Pathusa @BabybusFL Jin老师是做fixed income的嘛？

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@BabybusFL 鲤鱼焙面嘛

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SPX的monthly POC在7500附近，weekly POC在7750，怎么说呢明天八月OpEx？🧐🧐🧐

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@BabybusFL 看空的老师都止损了现在忙着接单跑外卖呢😅

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@mat78704 不贪不贪，等我明天spy 780c itm就撤退