There Goes Copper... and Delta?

Let's start another trade scuffle...

Good morning:

I’m heading on vacation tomorrow. I will be providing daily insights.

But – I will only break the glass unless I must…

We’re not seeing real weakness anywhere in the markets…

EMAs are behaving. Which suggests that I’ll be dealing with some larger selloff as we head into Third Friday.

That’s what happened during the GILT Crisis when a hurricane hit my house, and I was in a hotel for two weeks trying to find the bottom of that crisis…

If we have an emergency with our equation and the FNGD next week, I’ll be in the cockpit.

If it’s clear, look for my morning briefs, my morning show, and then a guy hanging out and working on a screenplay in Zephyr Cove in Tahoe.

Wait, Who Are You?

Yesterday, I had a phone call with a very prominent money manager in Los Angeles.

He read my piece recently on the 1% pattern.

Then read the structural piece on how selloffs have occurred.

I talked to him for 45 minutes.

He thought that this had only occurred in 2020 and 2025.

I took him back to 2015… then 201…