“Canary In A Coal Mine Or Siren Song”?

Bright and early. Me. An espresso (I skipped the frothed milk this morning in favor of pure, unadulterated rocket fuel). A cigar. Sunrise. Richard Breslow. Just a normal Heisenberg morning. I've talked exhaustively about the reflation trade. How it's ebbed and flowed. How we've retraced over the past week or so and especially following Trump's inauguration speech. I've also tried to put extreme positioning in context. The massive spec Treasury short is a four sigma event. Not quite a black s