What Happened Today?

Tuesday July 14, 2026

MACRO:

CPI came in meek. Tomorrow PPI data comes out. I am still hedged through the 16th.

Just in case.

We are in the eye of the hurricane I think for a few weeks/two months maybe. No one really knows which way the AI trade is going to go yet so I suspect a whole lot of nothing in terms of the S&P.

I think everyone knows AI is a bubble. The question is will it continue to persist for a few weeks or a year or more.

MICRO:

After NextCure’s data came out there really wasn’t any risk in buying this back. So I did a few days ago and that paid out surprisingly fast freeing up a lot of cash.

So here is what I rotated that cash into.