How about Yahoo as 2 of the top 5 top holdings? Brilliant.

GPS reports after the close for anyone looking at RTM on it.

Who knew? street.bomb

If by commercials, you mean non-commercials who try to be on the right side of trends, then yes. Commercials are right in line with their hedging business plans, selling more forward into higher prices and less into lower prices.

And specs are super long in gold: 2.59x 1 year & 3.35x 3 year Z-Scores as of Friday's CFTC release. With the USD at -2.11x  1 year you are buying very high expecting gold to go higher here without more relief and a good setup first.

I would put a few bucks on Biden as a hedge.

Prince had hip problems for decades and had one operation before he converted to the Jehovah's Witnesses. They forbid blood transfusions, so he never had another and took pain killers instead. Opioid overdose was the cause of death.

I'm more in the Maui Brewing Coconut Porter camp, but share the sentiment.

Hope I didn't top tick ALLM again selling into that huge strength today. Gotta trade around the core on these things.

Iran supplies coming online

SPX specs almost to net long with a 1Y Z-Score of 1.90x.

Gold specs 1Y Z-Score = 2.06x

$USD specs 1Y Z-Score = -2.10x

All in the 2 standard deviation range here, which suggests caution and reversion risk.

Speculative (non-commercial) SPX & ES futures & options positioning. Lowest net short since late last year. That's now a +0.92 1 year Z-Score.

He blocked me long ago. But Kass hasn't yet.

Draghi delivered QE & rates last month. This month will more likely just be more talk that it's all working as planned.

The Saudis are the Draghi of oil. They will talk about freezes and let news reinflate prices, but don't expect any actual moves until late this year if not later. They are smoking out US producers and aren't done doing it yet.

Meant to compliment you on that trendline addition on the VIX/BB chart, guys.

Iran isn't going to the meeting and the Saudis have said a freeze needs Iran's participation. So how do they save face? Won't be surprised if the meeting is postponed. But they may have accomplished the desire to put a floor in.

Commercials don't get squeezed. Non-commercials do & they are net long.

I just finished David Stockman's "Great Deformation" -- a 769 page polemic on the modern corruption of free markets from FDR forward. Excellent fiscal and monetary history that deepens the case against the Fed in the last crisis and fills in much that I didn't know from the New Deal forward. In terms of reputations, FDR down deeper; Eisenhower up; Nixon even deeper in the cellar; Reagan down; the Bushes sink deeper; Obama, hard to think it possible, but lower. Maybe the most important book I've read in the last decade and I read a lot of good books. I will read it many more times and can't recommend it highly enough. If anyone has arguments against him, I want to hear them, as it is a polemic. Just so much real data and insight from the inside of business and government. His attack is on the welfare and the warfare state. I was already with him on crony capitalism, but he's put forth a strong challenge on defense. I'm thinking it through.

It's criminal no matter how much anyone loves the product. Not sure it will survive even with subsidies.