Notes
The Log
Macro · Inflation · 5 Jun 2025
Four Weeks Later, The Ghost Is Back — Scarier.
Containers of popcorn, a vertigo candle on Marvell, Broadcom's miss, and a Black Friday to remember. The ghost never left the closet.
→
Macro · Semis · 29 May 2025
Gap Up Season In Calmer Waters
Back-to-back gap ups for the second week running. VIX below 16. Dell up 32%. And tired legs in the SOX on Friday.
→
Macro · Geopolitics · 25 May 2025
Against the Ropes
A crucial reversal on Tuesday. Semis laced up the gloves, slipped the punch, and led the market back out of a deep hole.
→
Macro · Inflation · 17 May 2025
The ghost may not go back into the closet.
A week that may have marked an inflection point. Not in the upward trajectory — but in what is holding it up.
→