Ep. 15 — Oil At 104, Gold Slips

Oil keeps ripping and Brent kisses 104 while gold stalls — not your usual fear trade. Tech wobbles, AMD rips, defensives rally, and the market screams rotation over panic. We sort out what actually matters for cuts, cash flows, and the AI tape.

Today's stories:

• The Tape: Oil’s five-day rally, backwardation, defensives up while gold slips — rotation, not fear.
• The Footnotes: Man Group’s $6B redemption, private credit liquidity mismatch, prediction markets’ spillover risk.
• The Nerd Corner: AMD “event vol” vs. Intel “existential vol” — and what it means for semis.
• The Calls: Three spicy closes on NVDA, gold ETF, and QQQs.

The Calls:

• Tom: Nvidia closes above 202; wrong if the 10-year pushes through 4.35%.
• Ray: Gold ETF finishes below 428; wrong if DXY loses momentum early.
• Alex: QQQs close above 658; wrong if the 10-year grinds past 4.35%.

New episode every weekday before US market open.
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