Saturday, April 4, 2026 
No stranger to disguise, Halloween is one of my all time favorite holidays.
My favorite Halloween theme song is none other than Horror Movies, by the Bollock Brothers.
And what would Halloween be without at least once hearing Bela Lugosi’s dead?
I’ll definitely be out tomorrow. After dark.
Today’s trading was a flight away from risk–risk off. US equities were weak with the S&P 500 (SPX) off 2.82%, the Dow Jones (INDU) Industrial Average down 2.51% and the tech heavy Nasdaq Composite (COMPQ) down 2.5%. The Volatility Index traded higher by 24% at 30.71. On the Nasdaq, there were 4.2 decliners for every advancer. On the NYSE, 6.5 decliners for every advancer. Volume was heavy all around.
S&P 500 - Daily
Volatility Index (VIX) - Daily
The US Dollar index closed higher by .62% at 76.39, Ten year Treasury futures traded higher by to close at 118 19/32 or up .76%, IEF closed at $91.99.
IEF - iShares 7-10 Year Treasury
Below are a few of the intraday charts.
US Dollar Index - 15 Minute
Crude Oil - 15 Minute
ES S&P Electronic Mini
Citigroup: He Said, She Said
I couldn’t help but reach for puts in Citigroup (C) today. Analyst Mike Mayo was quoted as saying that Citigroup will write down $10 billion of deferred tax assets, representing 10% of Citigroup’s tangible equity. Citigroup quickly responded they had no idea how the analyst was making those calculations. No matter if Citigroup learns how to calculate or not, their common stock is likely heading south of $1 within the next 6 months to year. I am short the big C–the former largest bank in the world.
Citigroup - Daily
The Shimmer of Gold and Silver
Yesterday, I noted that my stance had changed on the precious metals. I am positioned to take advantage of a move higher in gold and silver.
Gold was weak at the equity open this morning, but strengthened throughout the day to close near unchanged. This is evidence of the strength in gold to come. I am long select gold miners and maintain my stop below yesterday’s low. Credit default swaps on Japanese sovereign debt are rising, and the Yen is outperforming against the US Dollar versus other major currencies including the Euro (FXY), the British Pound (FXB) and the Aussie Dollar (AUD).
The charts below show this outperformance graphically. It is my view that this relationship will eventually lead to US Dollar weakness, and therefore strength in gold.
Gold - Daily
FXY - Japanese Yen
FXE - Euro
FXB - British Pound
FXA - Australian Dollar
Next week, same time, same place. And the beat goes on.
Are we still in a bear market rally? You decide. This chart is courtesy of Chart of the Day.
David Bowie: Fame
I recently noted being on the sidelines in relation to the precious metals: gold and silver. I added exposure to the metals today. I am using a stop below yesterday’s low in the GLD and gold futures.
Gold
It is my vision that, through meaningful work and collaboration, I can better myself.
Using my inspirations as a guide, I will produce things of importance, and open doors for those that believe in themselves, and build an immense store of energy.
 | Part of the TINKER FACTORY NETWORK |
