Postcards: One Simple Rule for Energy Traders (And Investors)

Have we cracked the energy code? Or was everyone drinking before the close again?

Market Update: As predicted, topsy and turvy. There was a squeeze, a selloff, an algo-driven pop, and another selloff. Welcome back to the 2023 chaos trade. This is why we largely advised investors to hedge starting last Friday and why the calls grew louder throughout the week. We’ll get the CPI next week as earnings season begins.

Dear Fellow Expat:

Greetings from Ruxton, Maryland.

On Thanksgiving, it rained at my parents’ house.

Around 9 pm, I stood in their kitchen as my daughter looked in the refrigerator.

I turned to my left… only to see a bolt of electricity sail through the air… and hit a dining room chair. The water dripped through the ceiling and the walls, ultimately short-circuiting the chandelier.

It looked like that scene in National Lampoon’s Christmas Vacation where the uncle smokes a cigar and lights the entire Christmas Tree on fire.