The VIX fell under 16. I hope it will hit 13 next week. I still expect happy cow market until SpaceX et al IPO so fingers crossed. All about that hedge as Meghan Trainor would say.
Texas drillers are slowly coming on line. A few rigs are being added every week as rig owners are beginning to see that the US vs. Iran water party isn’t likely to end anytime soon and even if it does it will take 6-9 months to clear the Strait from any mines.
Assuming there are actually mines in the Strait which I am still not sure I believe.
The US is down 100+ rigs on 2025 so there is a lot of supply that can be turned on. All the panic is ignoring this reality.
A lot of biotechs changed convexity recently. I’ve added a handy-dandy curve fit for you. I don’t know what this means but I hope it means something good. Typically, when a basket of stocks that are unrelated curl up at the same time it means something.
Most of the biotech sector caught a bid like the rest of the market after the oil shock draw-down.
The biggest winner of the stocks we own coming out of this is Decoy Therapeutics DCOY 0.00%↑ which has returned 68% on the bounce followed by Fate Therapeutics which bounced back 50% so far.
You can see both of those bounces were very strong. Let’s hope this continues.
— AJ
Event Horizon Tools
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