CPI obviously the big event this week but really think it’s about the mechanical flows and deleveraging With the major indices rolling over and the pick up in volatility, many funds will have to mechanically deleverage whilst momentum models will be triggering the sell signal Short of a meaningful catalyst to drive “real discretionary flows” it’s about that process playing out and hard to know when it’s run its course My expectation remains that given the de-risking seen into the midterms that’s there’s a lot of sidelined capital ready to come into this market and scoop some bargains in tech but there’s no need for that to rush in at the moment Bitcoin and crypto caught in the cross hairs Financial conditions remain tight but they are easing with the dollar, oil and yields off their highs That feed through however acts with a lag and it needs to sustain DXY back below 100 would be a lovely tailwind Big picture remain bullish (as always lol) we have a secular exponential trend in AI and tech Massive capex alongside large fiscal deficits maintain a positive growth dynamic (no recession any time soon) Recent QRA suggests the “treasury QE” continues with no change in coupon issuance, the deficit will be funded at the front end (potentially RMP purchases restart this month - ie the Fed back printing cash out of thin air!) Signs also that underlying inflation is softening and if oil rolls over headline will follow and market is priced too aggressively for tightening - geopolitics will determine that outcome (hence capital can still remain sidelined) Longer term investors you should absolutely be buying around here in tech and crypto Expect more chop and need to be patient but sentiment is in the bin, some major tech names have been taken out and shot yet BTC still at 74k - kind of makes me feel comfortable…but I’m a patient man and I’m not leveraged to the wazoo like some of you degens 😂