When the dollar and equities disagree, ignore stocks. The currency market is usually the one telling the truth.

Blue line = VIX
White line = Dollar Index (DXY)

From the Iran war escalation, VIX and DXY moved with a strong positive correlation.
That made sense.

A rising dollar

Power Prices Just Saved a Smelter⚡⛏️

Glencore’s South African ferrochrome unit cancelled planned layoffs of up to 1,500 workers after regulators approved discounted electricity tariffs.

Smelting is not just a mining story.

It is a power cost story.

South African electricity

I’m getting really cautious about this IPO boom.

Especially the three big ones.

Liquidity events always sound exciting on the way in. But investors should remember what they really are: insiders selling, banks distributing, and public markets being asked to absorb supply.

That

I bought a lot of $SMTC around $20 and sold around $100.

At the time, I felt great about it.

Now it’s $165 and looking higher.

That is one of the hardest parts of investing. Learning not to torture yourself over money you never had.

The goal is not to catch every last