Will

market enjoyer & student of life. not investment advice, personal opinions which change, etc.

[Will @WClemente]

https://t.co/mj9NTYKmDP

[Will @WClemente]

All eyes on the dollar, new yearly high reached today

[Will @WClemente]

DXY weekly is looking rlly spooky for risk assets

[Will @WClemente]

out, took small L

[Will @WClemente]

Hawkishness on this CPI print seems like it could be a fade given oil is down 20% in a straight line from the start of the month

[Will @WClemente]

Expressing this view by picking up some gold miners, pulling right back into their moving averages here. Also am a fan of the GDX/Gold pair chart.

Have an invalidation set as always, nfa, etc.

[Will @WClemente]

DXY weekly is looking rlly spooky for risk assets

[Will @WClemente]

@TgMacro Gold miners also pulling back right into their moving averages👀

[Will @WClemente]

@scotttfreeman 👀

[Will @WClemente]

Most interesting asset on the watchlist to me here is gold. Bled out most of this year, deviated below its summer lows into start of November, has now reclaimed those lows over last few days and trying to flip them into support.

[tradfi news @tradfi]

*ANTHROPIC PLANS TO LIST BEFORE THANKSGIVING: FT

[Morgan Stanley Derivatives @MgnStnlyDerivs]

Thursday, November 5th, was a day of extremes:

•US long/short Hedge Fund net leverage declined by 5% day over day, the 5th largest single-day decline since 2010. Net leverage is now in the bottom decile since 2010.^
•Long/short fund active gross flow since June has amounted to a -10.7% reduction relative to their gross market value at the end of June, the most in at least 10 years.^
•Hedge Funds are now underweight AI stocks* relative to market cap weights, but AI is still a very large percent of absolute exposures at 32%.^
•Levered ETFs had the largest amount to sell on data going back to 2007, bringing $57bn of US equity supply.
•Retail selling of US equities in the first 90 minutes, based on MS QDS estimates using public data, was the second largest going back to 2016.
•Equities are now starting to trade in a more correlated fashion, often signaling that risk reduction is broadening out.

^Sourced from MS Prime Brokerage.
*AI stocks defined as the constituents of the MSXXAI Index, made up of AI tech beneficiaries, AI power names, and key hyperscalers

[Will @WClemente]

Open interest for bitcoin now back at the highest level of the year🍿

[Will @WClemente]

Just enormous volumes across the board.. and the day isn't even done yet

[Will @WClemente]

Pretty wild that this BTC open interest build up still hasn’t budged despite last two days’ price action.

Watching front end implied volatility starting to get bid. 🍿

[Will @WClemente]

Markets

[fejau @fejau_inc]

New episode recorded yesterday with @WarrenPies ! His base case was a blue tsunami so this conversation aged very well. Enjoy

https://t.co/I3oUsUJPyo

[The Spectator Index @spectatorindex]

BREAKING: Democrats sweep the mid-term elections

[The Spectator Index @spectatorindex]

BREAKING: Democrat Gina Hinojosa beats Greg Abbott in Texas governor election

[fejau @fejau_inc]

RIP data centers

[Will @WClemente]

🧹

[Negligible Capital @negligible_cap]

Good Paul Tudor Jones quote from May of 2009 (h/t to GS Tony P). Might as well be from today

“These days, there are many more deep intellectuals in the business, and that, coupled with the explosion of information on the Internet, creates an illusion that there is an explanation for everything and that the primary task is simply to find that explanation... I see the younger generation hampered by the need to understand and rationalize why something should go up or down. Usually, by the time that becomes self-evident, the move is already over”