Forward Guidance · Thursday, August 27, 2026
The market structure is described as being 'pinned' with little movement outside of 'debasement trades' like gold and Bitcoin, while equity markets are 'chopping around.' This is attributed to the summer doldrums, with traders likely waiting for Nvidia earnings, the Jackson Hole meeting, and the return of 'big money' after Labor Day.
“Markets and Paya. Oh, insane.”
“Like, we haven't really been doing a whole lot outside of like the debasement trades, like gold and Bitcoin. Like, equity markets, it's just, I don't know, we're just kind of chopping around, I guess, probably waiting for.”
“Seems like markets are just this kind of waiting for all that to happen, plus, like, you know, Labor Day to hit and for the big money to get back to their desks.”