By Paul Sankey
Published on August 6, 2026 at 1:23 PM
I read a Tweet the other day that has been playing in my head: “What if the bubble is only just forming?” That got stuck in my head as we hit all time highs on the S&P5000 – before a Hormuz deal. No question, liquidity is sloshing, with the Treasury Secretary selling Euros to buy Yen… to keep the carry trade alive. Inflating markets. On ConocoPhillips there are other inner monologues in this note that …
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By Paul Sankey
Published on August 2, 2026 at 7:26 PM
Greetings, After sending you a UAE note yesterday that tried to start punchy with Hormuz volume charts, then later went back 2,500 years to to Cyrus the Great, Persian Empire I, today we have mostly charts. “You, me, and the UAE” was emailed to you yesterday intra-Saturday. It feels a momentous time in writhing markets, and it feels like the combination of the Japanese Yen, the new Fed Chair, and well, Korea’s Kopsi index, never …
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By Paul Sankey
Published on July 27, 2026 at 7:33 PM
Publishing a note on Sunday has become existential for me, so I apologise for not getting this note out yesterday. This is my Sunday note… so late it is on a Monday. I have stripped it down to be mostly about Halliburton. What started as a quick look at Halliburton’s results for Sunday, then got tangled with Liberty Energy down -25% on its results last week, SLB results then had that stock moving strongly higher …
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