Trade Secrets
CEX volumes hit $5.61T in Feb — lowest since Oct 2024. Bullish surged 62.6% into the top 3 by spot share, overtaking Coinbase. OKX and Gate hit record derivatives share. Open interest collapsed 28.4% to $83.2B.
What in the World!
Volatility is typically described as a symptom of disorder. Markets rise and fall unpredictably, currencies swing, credit spreads widen, and policymakers appear to scramble in response. In this view, volatility is treated as an undesirable outcome.
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ULTA — 6.4 Hold. The quarter was actually good on the surface: +5.8% comps, $3.90B revenue beating estimates, record 46.7M loyalty members. The market didn't care. SG&A jumped 23% to 25.7% of sales — up 230 bps year over year — and operating income fell 7.9% on 11.8% revenue growth.
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US stock futures climbed late Thursday as traders looked ahead to an important inflation reading due Friday, while a sharp rise in oil prices continued to destabilize markets.
Jack of All Trades
Adobe delivered record Q1 results — $6.40B revenue, $2.96B in operating cash flow, AI-first ARR tripling year over year. Then Shantanu Narayen announced he's stepping down after 18 years. The business didn't miss. The market sold the uncertainty.
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US stock futures moved lower late Wednesday as investors grappled with rising oil prices following a second straight mostly down day on Wall Street.
Jack of All Trades
Bumble deliberately shrank its user base in 2025 — took $1B in impairment, watched revenue fall 10%. Operating cash flow still doubled. The reset is real. The growth isn't confirmed yet.
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US stock futures were little changed Tuesday evening as investors braced for a closely watched inflation report that could help shape expectations for the economy and Federal Reserve policy
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Oracle's $553B backlog is math on committed contracts — not pipeline. First 20%+ organic revenue and EPS growth since 2009. The AI infrastructure buildout that the market spent 2026 punishing them for just printed a 32% gross margin.
Jack of All Trades
HPE's Juniper bet paid off in Q1 — Networking +151%, margins expanded 720bps, EPS beat the top of guidance. Casey's crushed estimates by 18% during a $111 oil spike and raised guidance
US stock futures fell late Monday after a turbulent session in which equities staged a sharp rebound after plummeting against soaring oil prices.
Trade Secrets
It’s time the gloves come off. I’m not playing around anymore. Let me put it to you this way. With oil prices surging the way they are, if this war isn’t stopped very soon, the whole economy is headed straight over the cliff.
