Monday Monitor

Bonds Breakdown Below the “Line in the Sand”

Some highlights from this weekend’s Event Driven Monitor

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The Event of the Week

TLT decisively broke its support at 100

KEDM readers know we have been laser focused on treasuries lately. And this week, the “line in the sand” was breached.

With that breakdown, credit was on everyones tongue, even getting The Ack to opine who is “short in size” on the long end (@Bill feel free to reach out for a comped KEDM subscription. You’re a month late to the party!). Let’s quickly revisit what we noted a month ago on these pages as we think the thesis still plays…

We told ourselves that we’d take our exposure down, way down, if TLT lost $100. We had a firesale of assets this week and keep scrolling through our book this weekend to find more exposure to dump. We tossed anything that we don’t want to own through a crisis. We want room to buy that crisis. We worry that the crisis is coming, and soon.

We love our volatility. We’re going to try and squeeze in a quick vacation to the old country, because this fall, we think that the fireworks start. We’re building our battleplan. We want to know what to own. Gold, energy and what else?? We want to buy that first crack in gold that always seems to come in a risk-off environment. But what else do we own when the world’s reserve currency detonates in a supernova??

Honestly, we don’t know. But we don’t plan to be early in figuring it out. Mostly, we just want to avoid the carnage.


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Kuppy’s Tweet of the Week

Everyone is a breakout trader these days

Chart and Kliff Note of the Week

Cutera, CUTR, finally installed a permanent CEO in Taylor Harris who has deep experience in CFO’ing. This is a controversial name this year with lawsuits flying and 13D filed after the previous CEO David Mowry was terminated with cause earlier in the year. All this drama may be masking the true potential of AviClear.

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You’ll get the KEDM Event of the Week, KEDM’s Kliff Note and Chart of the Week, and our selection of the week’s best research, commentary and more from others in our Friends of KEDM section.