Syz the moment

Source: QuantInvestor.substack.com

Hedge Funds are still massively short. This could lead to another massive short squeeze. Source chart: Alessio Urban, Goldman Sachs

Great point made by John Arnold on Twitter. The OPEC cut was only possible because of the inability/unwillingness of the US shale oil sector to grow at the same rate as it was in 2016-2020. With much less supply elasticity in the market today, OPEC is less worried about losing market share if it defends higher prices. Source chart: EIA

To address the recent comparisons with 2008: today's macro setup could not be more different than the Global Financial Crisis. Back then, capital spending for oil producers was at record levels after a decade-long bull market in natural resource businesses. Today, aggregate capex is historically depressed while the commodities-to-equities ratio is near 50-year lows. Source: Tavi Costa, Crescat Capital, Bloomberg

While Bitcoin's $BTC correlation with the S&P 500 has been declining over the last year, it has been rising with Gold over the same period. Source: CNBC, Cryptoquant, Barchart

Source: Bitcoin News via BitcoinPierre

March ISM Manufacturing came out at 46.3 vs. 47.5 est. & 47.7 in prior month; new orders are down to 44.3, prices paid back into contraction at 49.2, and production edged slightly higher (but still contracting at 47.8). Employment fell further into contraction (lowest since July 2020). ISM started surveying in 1948. As this chart shows, this is the 16th time the ISM has been 46.3 or lower. 12 (75%) of these instances, the economy was either in recession or about to enter a recession Source: Liz Ann Sonders, Bianco Research, Bloomberg

Source: J-C Parets, All Star Charts