The old macro was structurally in favor of those who sold, bought, traded and owned claims on… paper. The new macro is in favor of those who own real things, unleveraged by debt.

The oil markets had a negative day today.

The S&P 500 dropped 100 points today while the advance-decline line sat at 50-50. That combination should not be possible.

Today saw the S&P 500 and Nasdaq finish lower for both the day and week, with the latter dropping 398 points for the session, as investors rotated out of Big Tech.