[OP Ed. Note: This Editorial Was Drafted Without AI]
Yo Pit Crazies,
Herbert Bliss Essex was my grandfather and a WW1 veteran.
Gassed in France, survived and lived to get married 3 times, the last of which was my grandmother lucky for me.
Cancer eventually got him in his late 50’s but that did not stop him from opening fur boutiques for Bergdorf Goodman in Texas in the 30’s oil boom and running a shop in NYC in the 50’s.
My dad Capt Felix (Sam) Giovinazzi USN was a Vietnam Vet and served in the reserves over 20 years after his active duty was over. Pop is buried in Arlington National Cemetery and my grandfather in the veteran’s cemetery in Pinelawn on Long Island.
These guys actually did something and made a sacrifice which is sorely lacking in our political class now. That realization contributed to the selloff last week. We voted in a bunch of takers and not builders. The USA is not one election. We keep building and the outcome can be a pleasant surprise.
The SPDR S&P 500 Trust ETF (SPY) had a day today. And the good news savior is Coreweave (CRWV) of all stocks. The poster child for the heady tops and sad lows for the AI revolution. So it appears they are not running out of money and might make it after all. Tech bulls loved that and sent the Invesco QQQ Trust (QQQ) into a 2%+ overdrive. Even some possible Iran Conflict getting a now ground war stirred things the right way. Veteran’s day was a good day to announce that.
Also we got a date for the Anthropic IPO on Nov 19 so Mark Sebastian was right again. More bull case stuff but ultimately, earnings and growth are what drive things and so far that is higher.
VIX dropped into contango
After a nasty week VIX dropped into contango. The front end is still flattish but there is some normalization. I expect that Nov and Dec contracts will dive below 18 very soon. 18 is about the halfway point for VIX and I would like to see traders give that up to set up the Santa Rally. I said we were going higher yesterday and you should have listened to me.
And if you see a veteran thank him or her, because you are here because they went over there.
I hope this was helpful,
AG