MAD Macro - Heroes
Behind Enemy Lines
One Minute You’re Great, the Next You’re Fired
The NYT seemed upset that we rescued the downed U.S. fighter pilot in Iran. When the first NYT headline was posted on Saturday it said, “ Second U.S. Pilot Rescued in Iran, Says Trump”. Really? Just because Trump says it’s true does not mean that it’s not true, sometimes he is telling the truth. Sorry but, it’s a little disappointing that the entire mainstream media is rooting for our amazing military to be defeated. Why are they rooting for the U.S. to lose, is it just TDS? I am going to watch Owen Wilson in Behind Enemy Lines. I assume the NYT can only see Owen Wilson in Zoolander. Trump might be saving Western democracies by defeating the bad guys. Oh, I forgot, the bad guys are the victims that need to be saved. Here are a few of the headlines from this morning’s NYT. “The War Is Turning Iran Into a Major World Power”, “An Operational Success and a Huge Strategic Failure”, “Trump’s Relentless ‘Utterly Incoherent’ Battles” and maybe the best, “Trump Revels in Threats to Commit War Crimes in Iran”. TDS might be worse than the COVID pandemic. If you live in NYC and only read the NYT, you are very likely to have terminal TDS. Andy Kessler has a good WSJ opinion article today on this crazy mainstream press hatred of success, linked here. It’s titled “I Give Up on These Defeatists”.
It’s funny, occasionally Trump does something that the NYT loves. They love that Trump fired Pam Bondi. One minute you’re great, the next you’re fired. Trading Places, “One minute you’re up half a million dollars, the next, boom! Your kids don’t go to college, and they repossess your Bentley. Are you with me?” I guess that’s life in Trump’s world, kill or be killed.
One of my market themes for the year has been the bonfire of cash in the race for AI market share. The WSJ has an excellent story on the bonfire of cash today, linked here. It’s titled, “An Inside Look at OpenAI and Anthropic’ s Finances Ahead of Their IPOs”. Let’s just say it’s a very big bonfire.
Markets are stronger this morning on hopes for a 45-day ceasefire in the Iran war. Not sure where the rumor is coming from, because Trump is still talking about “bombing Iran into the Stone Ages where they belong”. I guess the market thinks this is the week we get the full TACO. Not sure about that but we will see soon enough, Trump’s newest deadline is tomorrow. Bitcoin is higher testing $70,000. Kool-Aid Mike Saylor will report his bitcoin buying later this morning. Kool-Aid bought again last week after taking one week off. He posted his normal hint on X. “It’s a Good Friday to buy Bitcoin”. You go Kool-Aid Mike, keep on buying; someone needs to support the bitcoin market.
I updated the U.S. Dollar Index, U.S. 10yr yield, U.S. 10yr-2yr yield spread, WTI crude oil, NY copper, spot gold, spot silver, NYSE Arca Gold Miners Index, bitcoin, Strategy, S&P futures, NASDAQ 99 futures, and DOW futures charts below.
The dollar is unchanged and interest rates are slightly higher across the curve.
WTI crude oil is lower, and May is still the active contract, but it trades at a $14 premium to the June contract. Copper, gold, and silver are all higher. The NYSE Arca Gold Miners Index should open higher with gold prices. Bitcoin is higher and Strategy is due to open higher.
S&P, NASDAQ and DOW futures are all slightly higher from Thursday’s close.
