Ithaca Protocol
@ithacaprotocol
📈Ithaca Protocol Market Update ► No quick Japan trade agreement; art of the deal narrative under some pressure, ‘ U.S. exceptionalism over / let’s sell $ and US assets ’ in full swing including long bond selloff ( crypto becoming a ‘ US asset ’ proxy with the full throated endorsement of the administration, bad timing ) ► Dollar weakness this morning alongside equity futures getting sold; market doesn’t like the Powell removal threats ( pricing it as the Erdogan playbook; $ only outperforming TRY ). Powell won’t necessarily be removed but he will change his policies imminently ► Positioning indicators still look as extreme as Q1 2009 and Covid; asymmetric positioning on positive catalysts ► Vol continuing to leak out, some of it will be priced in again on a day with most markets closed ► Enough leading and coincident indicators flashing recession red; credit markets lot closer to pricing it right now
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Ithaca Protocol
@ithacaprotocol
â–º Crypto sentiment as bad as any time for a very long time but at the very least dollar weakness should translate 1 to 1
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