CTAs Likely Sold $40 Billion Into Recent Stock Swoon
Dealers shedding VIX futures into expiration might’ve put a lid on vol, but it wasn’t
Dealers shedding VIX futures into expiration might’ve put a lid on vol, but it wasn’t
Two days into a week that should’ve been quiet if you forget about the seasonal
It’s fair to say China’s economic woes are the most important story in the macro
For months (or maybe I should just say for the duration of the summer equity
If markets feel choppy to you, it’s not your imagination. And if that chop seems
The inflation event risk cleared on Thursday morning in the US with no issues. Core
In “Waiting For Inflation,” I noted that potential vol control de-leveraging is still a subplot
“CPI eve” sessions are notoriously tedious in the 2020s. Monthly inflation reports out of the
It’s possible we’re all overstating the significance of recent events in the US Treasury market.
Moody’s is concerned about America’s banks. And Italy will be making a withdrawal from its
The fate of the universe hangs on the nascent bear steepener in the US curve,
The Nasdaq bore the brunt of Wednesday’s Fitch-inspired selloff on Wall Street, and it’s no
Equities are going nowhere and somewhere all at the same time. Summer can be drudgery
In “Playing The Game,” I noted that one risk to somnolent summer markets is the
How complacent are US equities? The most complacent ever, or at least according to one
With the “soft landing” / “Goldilocks” macro theme gathering adherents in the US seemingly every
I’d say markets were “nervously” eying the Fed on Wednesday, but I’m not sure that’d
As noted, Morgan Stanley’s Mike Wilson is still bearish. So is JPMorgan’s Marko Kolanovic. “The
The Fed will raise rates this week in what may or may not be remembered
One, among many, criticisms bears level against 2023’s equity rally centers on the notion that
Playing catch-up to an equity market that’s running away from you can end poorly. With
How important were systematics in perpetuating and sustaining the equity rally during the second quarter?
Many investors (I dare say a preponderance or at least a plurality assuming the existence
2023 is halfway over. Time flies, unfortunately. Just yesterday I was a day younger. It
It feels like there’s a lot going on these days. In part, that’s because there
Over the last several days, the US economy once again demonstrated a remarkable capacity to
Was America’s regional banking crisis a tempest in a teapot? (And yes, the Jamie Dimon
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