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Degens Deteriorating
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DRIVE-BY MEDIA: The New York Times hired a new infographic team to criticize everything. The latest example is the new White House ballroom. I like John’s satirical critique of a US carrier

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JUST IN: US Treasury Secretary says ship traffic through the Strait of Hormuz is rising after individual trade deals with Iran

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The Iran war has cost the U.S. $35 billion in 30 days.

That's NASA's entire annual budget. Gone in a month.

At its peak, $2 billion a day.

The meter is still running.

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Insiders are bullish on Silver.

Insiders are buying silver options at $900 - $1,000 for December 2026.

Silver is currently at $70, that means they are expect a 12X MINIMUM by the end of the year.

What do they know?

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BIG: Italy’s Defense Minister Guido Crosetto on Iran War:

We did not support this war, and no one asked for our opinion.

The length of wars does not depend on the power of the strongest, but on the resistance of the weakest.

Iran is larger than Ukraine, has more people, and thousands of years of history.

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In the past 24 hours, the Saudi Arabian Ministry of Defense has said that they tracked and shot down 15 Iranian drones, 1 Iranian cruise missile, and 5 Iranian ballistic missiles

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Another Ukrainian drone strike in the port of Ust-Luga damaged three fuel tanks, each with a capacity of 30,000 tons. Two more tanks caught fire at the Novatek terminalβ€”30,000-ton containers holding light fuel and aviation gas

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$308,000,000,000 has been wiped out from stocks in just 30 minutes as market opens

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Reindeer Herders' Day is celebrated in Taimyr Peninsula, Russia's Far North

Residents gather in Tukhard settlement & organise reindeer sled races

Hope, animals are not exploited... look at their tongues

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I've heard of red sprites before, but is it common for there to be so many of them all at once?

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Germany's AfD co-chair:

"Spain closed its bases to the Iran war, now its ships sail through Hormuz undisturbed.

Germany should do the same and send U.S. troops home."

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Hedge funds are moving to the sidelines at a near record pace:

Hedge fund net leverage dropped -3.1 points last week, the biggest weekly decline since the first week of April 2025 amid "Liberation Day".

This is the 5th largest reduction in leverage over the last 5 years, comparable to the 2022 bear market.

Furthermore, hedge funds posted their 6th consecutive weekly sale of US equities, the biggest 6-week sale since April 2025.

Since 2016, the only two larger 6-week sales were during the 2020 pandemic and in March-April 2025.

As a result, hedge fund net positioning is down to near the most bearish level since 2018.

Sentiment is becoming overly bearish.

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