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"Trading volume has been notably light, running below its year‑to‑date average for each of the past five sessions despite the advance in headline indices," Kristian Kerr, head of macro strategy at the wealth management firm, wrote in a note on Thursday. "This suggests the move higher is being propelled more by short covering and forced positioning adjustments than by fresh capital being put to work." Source: Neil Sethi

Bill Ackman believes "some of the best businesses in the world have become available at some of the lowest valuations in their history." Some examples: 1. $META – Meta Platforms - FWD P/E: 22x - Revenue: +30% YoY 2. $AMZN - Amazon Inc. - EV/EBITDA: 16x - Revenue: +14% YoY 3. $V - Visa Inc. - FWD P/E: 23x - Revenue: +15% YoY 4. $MSFT - Microsoft Inc. - FWD P/E: 22x - Revenue: +17% YoY 5. $UBER - Uber Technologies - P/FCF: 16x - Revenue: +20% YoY (These are NOT investment recommendations) Source: Bloomberg, Citadel,

Jet fuel prices rose +70% since the US and Israel launched airstrikes on Iran six weeks ago, to $4.24 a gallon, according to the Argus US Jet Fuel Index. Europe has ~6 weeks of jet fuel remaining, though the situation varies significantly across the continent, with Britain, Iceland, and the Netherlands most at risk, while Austria, Bulgaria, and Poland hold more comfortable stocks, according to IEA Executive Director Fatih Birol. This comes as only ~10% of a barrel of oil goes to jet fuel, making it the most vulnerable refined fuel to supply disruptions, according to GasBuddy. After China and Thailand stopped exporting jet fuel to meet domestic needs, import-dependent markets including Vietnam, Myanmar, and Pakistan began running out of supply. Major European airlines including Lufthansa, Air France-KLM, and Ryanair have begun cutting flights and rationing fuel, with some Italian airports already restricting supply. Tokyo-London round-trip airfares on ANA's nonstop service surged +90% over the 50 days surrounding the start of the Iran war, to ~$3,010, according to Nikkei. Fuel surcharges on Japan-Europe routes are expected to exceed ~$503, per ticket if current kerosene prices persist, with JAL and ANA both considering raising surcharge caps. Source: Global Markets Investor, Brut

Source: zerohedge

Source: TME

-Point72 gained 2.4% through April 9, bringing YTD gains to 6.3% -Millenium gained 2.3% through April 10, bringing YTD gains to 3.2% -Jain Global gained 2.4%, through April 10, down 2.7% YTD -Verition gained 2.4% through April 10 Source: Negligible Capital

Import prices jumped +16.1% MoM and +18.4% YoY in March, the largest monthly spike since January 1998. This comes as Dubai crude oil prices nearly doubled in a month, to an average of $128.52 a barrel, while the Korean won weakened -2.6% against the US Dollar over the same period. As a result, raw material import prices, including crude and other mining products, rose more than +40% MoM, with oil-related products such as naphtha and jet fuel amplifying cost pressures for manufacturers. Higher import costs will filter through to consumer prices over time, eroding household purchasing power and dragging on domestic demand and economic growth. Source: Global Markets Investor

The S&P 500 is up 11%, adding $6.4 trillion to its market cap. The Nasdaq is up 15%, adding $5 trillion. The Russell 2000 is up 13%, adding $389 billion. The S&P 500 hit a new all-time high today, in the middle of an active war. Source: Bull Theory