3 days ago: “I’ll probably be adding FNGD or TZA soon-ish, while adding more URA now.”
Tomorrow:
I’ll add a 3rd FNGD position to short big tech with leverage. No stop.
I’ll add a 2nd TZA position to short the Russell-2000 with leverage. No stop.
FNGD is Bank of Montreal MicroSectors FANG Index 3X Inverse Leveraged ETN
The return on the MicroSectors™ FANG+™ Index -3X Inverse Leveraged Exchange Traded Notes (-3X ETNs) is linked to a three times inverse leveraged participation in the performance of the Index, compounded daily, minus the applicable fees. The ETNs provide inverse levered exposure to the NYSE FANG+™ Index.
The NYSE FANG+™ Index, an equal-dollar weighted index, was created by NYSE in 2017 to provide exposure to a group of highly-traded growth stocks of technology and tech-enabled companies.
This includes the five core “FANG” stocks--Facebook, Apple, Amazon, Netflix and Alphabet’s Google—plus another five actively-traded technology growth stocks—Advanced Micro Devices, NVIDIA, Snowflake, Tesla and Microsoft.
The Direxion Daily Small Cap Bear 3X Shares seek the daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the Russell 2000® Index.
As usual, arguably always, with news-making wildfires:
They’re nothing new
If not arsonists, useless bureaucrats are the issue, not “climate change”
Mises.org: Thanks to Government, Maui's Lahaina Fire Became a Deadly Conflagration
Nearly a decade ago the Hawaii Wildfire Management Organization, a research nonprofit, warned the Hawaiian government that the area around Lahaina was extremely fire-prone due to frequent downslope winds, steep terrain, and dry grass. Little was done to address these risks. A subsequent report in 2020 added that an invasive species of exceptionally flammable grass was prevalent in the surrounding fields and that passing hurricanes created strong winds known to fuel wildfires on the islands. […]
To review, a power company shielded from competition by the state placed electrical infrastructure among highly flammable state-owned grass fields above the historic city of Lahaina, which the government was twice warned were highly susceptible to fire. And once a fire broke out, a combination of defective water infrastructure, terrible communication by government officials, and only one escape route doomed the people of Lahaina to the worst wildfire experienced in this country in over a hundred years.
Scientists, journalists, and the wind industry are behind the imminent extinction of the North Atlantic Right Whales. They should be ashamed of themselves.
“It caused us concern enough to ask, ‘What is happening?’” said Cindy Zipf, executive director of the Long Branch-based nonprofit Clean Ocean Action (COA). “We looked into what was different about this December and early January.”
The only thing she and other researchers found was offshore wind exploration. “We looked at shipping, and shipping didn’t seem to be any different,” said Zipf. “The same fishermen were fishing. And the only thing we noticed was the number of IHAs that had been issued.”
IHAs are “incidental harassment authorizations,” or permits to harass whales. In the period since June 2022, the National Oceanographic and Atmospheric Administration (NOAA) has, bizarrely and cruelly, given the wind industry’s 12 separate, 1-year IHAs, that collectively permit the harassment of 190 critically endangered right whales. Another ten applications for additional IHAs are currently pending.
Blunt and sharp force trauma, according to NOAA, killed the humpback whale found floating in Raritan Bay on May 31. Scientists found lacerations and broken bones across her body.
Zero Hedge: Two Princeton, MIT Scientists Say EPA Climate Regulations Based On A 'Hoax'
Two prominent climate scientists have taken on the Environmental Protection Agency’s (EPA) new rules to cut CO2 emissions in electricity generation, arguing in testimony that the regulations “will be disastrous for the country, for no scientifically justifiable reason.”
Citing extensive data to support their case, William Happer, professor emeritus in physics at Princeton University, and Richard Lindzen, professor emeritus of atmospheric science at Massachusetts Institute of Technology (MIT), argued that the claims used by the EPA to justify the new regulations are not based on scientific facts but rather political opinions and speculative models that have consistently proven to be wrong.
“The unscientific method of analysis, relying on consensus, peer review, government opinion, models that do not work, cherry-picking data and omitting voluminous contradictory data, is commonly employed in these studies and by the EPA in the Proposed Rule,” Mr. Happer and Mr. Lindzen stated. “None of the studies provides scientific knowledge, and thus none provides any scientific support for the Proposed Rule.”
“All of the models that predict catastrophic global warming fail the key test of the scientific method: they grossly overpredict the warming versus actual data,” they stated. “The scientific method proves there is no risk that fossil fuels and carbon dioxide will cause catastrophic warming and extreme weather.”
Climate models like the ones that the EPA is using have been consistently wrong for decades in predicting actual outcomes, Mr. Happer told The Epoch Times. He presented the table below to the EPA to illustrate his point.
“That was already an embarrassment in the ‘90s, when I was director of energy research in the U.S. Department of Energy,” he said. “I was funding a lot of this work, and I knew very well then that the models were overpredicting the warming by a huge amount.”
“Science” sells, but who’s buying?
With all narratives proffered and propagated by greed-mad power pigs, we should ask first who benefits then follow the money.
Megadeth - “Peace Sells.. But Who’s Buying” (1986)
Still on the subject of popular delusions and the madness of crowds, I remain net short crypto; specifically short alt-coins vs. adding bitcoin long only if over 31100.
… crypto looks very toppy lately and purely from a cyclical perspective the timing is good to lighten-up or short. Add the stench emanating from various parts of the sector and adjacent, plus regulators in the US openly at war with crypto and related businesses, and prudence will probably pay.
Many, or most, in crypto can’t imagine their favorite token trading 70-90% lower this year, if ever. I’ve seen an estimate from well-known persons in the space placing a “0.1% chance” on a 33% drop. Nonsense. A 70-90% drop has very high odds…
ApeCoin is already down 60% since then, and it remains hedged and staked since $4.20 with staking proceeds either withdrawn to cash or also hedged.
Virtually all altcoins have suffered significant collapses since I predicted “very high odds” of a 70-90% drop happening by end of the year, and it’s only August.
TheBlock.co: Federal Reserve increases oversight of banking crypto ties
Called the "Novel Activities Supervision Program," the central bank will enhance the supervision of all banking organizations it oversees, focusing on crypto, distributed ledger technology, as well as “technology-driven partnerships with nonbanks to deliver financial services to customers.”
“Innovation can also lead to rapid change in individual banks or in the financial system and generate novel manifestations of risks that can materially impact the safety and soundness of banking organizations,” the central bank said in a statement. “Given the novelty of these activities, they may create unique questions around their permissibility, may not be sufficiently addressed by existing supervisory approaches, and may raise concerns for the broader financial system.”
Cointelegraph.com: PayPal Launches PYUSD - USD-Backed Stablecoin For Payments
American financial technology company PayPal launched a new stablecoin called PayPal USD (PYUSD) on Aug. 7.
The U.S. dollar-pegged stablecoin will be issued by Paxos Trust Co. and fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents. It’s built on Ethereum and “designed for digital payments and Web3,” with the firm saying it will soon be available to United States customers.
PayPal USD compatibility with crypto exchanges, Web3 apps and crypto wallets. Source: PayPal
PYUSD will be redeemable for U.S. dollars at all times, can be exchanged for other cryptocurrencies on PayPal, and will be transferable between PayPal and Venmo. The company claims it will soon be available as a mode of payment for various purchases.
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Awesome article! Here is a link to the actual 2014 Hawaii Wildfire Mgmnt Org. Report for reference. https://static1.squarespace.com/static/5254fbe2e4b04bbc53b57821/t/54ff533ee4b0d8debf83ed8d/1426019167515/Western+Maui+CWPP+Final+with+Appendices.pdf