• US Retail Buy ETFs, But Volumes Slide: A Market Making Perspective

    US retail investors are showing a preference for ETFs over individual stocks, according to UBS’s market making clients. Despite the second-lowest dollar volume day of 2026, with inflows totaling $48 million, volumes slid by 18% compared to this year’s average. ETFs were the primary driver of inflows, indicating a trend towards diversification and passive investing.…

  • Fed’s Waller Sees March Rate Call Dependent On February Labor Data

    Federal Reserve Governor Christopher Waller recently expressed his views on the potential for a rate cut at the upcoming March meeting, depending on the labor market data in February. In his speech at the National Association for Business Economics, Waller emphasized that one month of strong labor market data does not necessarily indicate a trend,…

  • The Upside of Implosion: Understanding the Implications of Downside Skew in Options Trading

    In options trading, skew refers to the relationship between the implied volatility of a option and the underlying asset’s price. A positive skew indicates that higher-strike options are more expensive than lower-strike options, while a negative skew means the opposite. However, when upside skew implodes and downside skew explodes, it can create an interesting dynamic…

  • Trapped in a Range: SPX Futures Struggle to Break Free

    The SPX futures market has been stuck in a narrow range for several months now, with little movement outside of a ~200-point band. Despite several failed breakout attempts, the index continues to choppily move within this confined space. Currently, the 50-day and 100-day moving averages provide support just below the current price level, while resistance…

  • Grinding Higher: Markets Rebound After Macro Heavy Friday

    Yesterday’s markets were filled with excitement as investors reacted to a flurry of economic data releases and a landmark Supreme Court ruling on tariffs. The Goldman mid-day wrap provides an in-depth analysis of the market performance, highlighting the top performing thematic pairs and the resurgence of alt concerns. The day started with markets grinding higher…

  • Taiwan Surpasses China as a Source of US Imports: A Shift in Global Trade Dynamics

    The United States has long been dependent on imports from mainland China, but recent data reveals that Taiwan has overtaken its communist neighbor as the top source of US imports. According to the US Census Bureau’s latest trade data, Taiwan accounted for $127.6 billion in US imports in 2022, while China came in at $126.8…

  • Understanding the Retail Appetite for IGV: A Comprehensive Analysis

    One of the key reasons behind retail investors’ growing appetite for IGV is its diversified portfolio, which provides exposure to a wide range of Chinese companies across different industries. This diversification can help reduce risk and increase potential returns, making it an attractive option for cautious investors. Additionally, the fund’s focus on new economy sectors…

  • Understanding the Latest Blue Owl Shock: Halting Redemptions at Blue Owl Capital Corp II and OBDC II

    As the investment world continues to evolve, it’s essential to stay informed about the latest developments that may impact your investments. Recently, Goldman Sachs released a recap of the latest shocking news from Blue Owl Capital Corp II and OBDC II, which involves halting redemptions for their investors. In this blog post, we’ll delve into…

  • Uncovering the Secrets of Kalshi Markets: How the Fed Views Macroeconomic News

    Kalshi markets have gained popularity in recent times as a unique platform for predicting macroeconomic outcomes. But how does the Federal Reserve view these markets? In this blog post, we delve into the probability distributions implied by Kalshi markets and compare them to more established financial instruments. We find that the probability mass allocated by…

  • The Fed’s January Meeting Minutes Reveal a Two-Sided Outlook for Policy

    The Federal Reserve’s January meeting minutes have revealed a shift in the committee’s thinking, with several members expressing the view that “upward adjustments” to interest rates could be appropriate if inflation remains above-target levels. This marks a departure from the Fed’s previous stance, which was characterized by a one-sided outlook for policy. According to the…