Nomura’s McElligott: ‘Last Of The Generals’ Falls, As Legacy ‘100%’ CTA Nasdaq Long Up In Smoke

Nomura’s McElligott: ‘Last Of The Generals’ Falls, As Legacy ‘100%’ CTA Nasdaq Long Up In Smoke

As US stocks looked set to open down more than 6% once the curbs come off, Nomura's Charlie McElligott says more CTA deleveraging could be in the cards. "CTA 'trigger' levels for equities will increasingly matter again as we hold lower in stocks, because outright shorts are again being initiated and can thus be 'grossed-up' from the recently deleveraging small notional position exposures", he writes, in a Monday morning note. The really important point, from Charlie's perspective, is that the
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