Hi YXI friends,

Yesterday was clean risk-on on the surface, but it was also a reminder that “risk-on” can be a very specific flavour.

The YTD laggards saw the strongest bids. QQQ did the heavy lifting while RSP barely moved. Crypto also rallied hard.

There was much chatter about Jane Street's 10am Dump in crypto being removed after a recent lawsuit. As we track the intraday patterns everyweek, the 10am dump was a real thing. Crypto names had sold off nearly precisely at 10am. Now the alleged manipulater has retreated, we may begin to see a more sustained recovery in crypo.

Yesterday, Jane Street deleted all of its X posts, presumably due to the amount of heat and hate it was receiving.

NVDA reported earnings last night. This was a solid set of results (charts in the NVDA section below), as revenue both accelerated and will continue to accelerate next quarter. Profit margins improved simultaneously.

(I will write a separate note on NVDA covering the earnings.)

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