‘Tactical Specialist’ Says Rally Drivers ‘Absolutely Out Of Gas’

I spent a lot of time last week discussing the flow drivers behind November's historic cross-asset bonanza. Suffice to say CTAs and vol control played starring roles. The managed futures space mirrored the macro-policy reversal as legacy positions in hawkish rates bets and bond shorts were a "one-way buy-to-cover" (as one popular derivatives strategist put it), while a veritable collapse in realized equity vol triggered mechanical stock-buying from the vol control universe. According to Goldma

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3 thoughts on “‘Tactical Specialist’ Says Rally Drivers ‘Absolutely Out Of Gas’

  1. Thanks for the commentary on this. I was hoping that you would touch on this story this morning.

    I’ve been surprised by the faltering upward momentum in recent days given the almost unanimous expectations of a happy rally into year end and drop in volatility.  

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