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USDJPY Gamma Repricing: A Muted Response to Key Events
The USDJPY currency pair has been in the spotlight recently, particularly after Thursday’s overnight volatility. However, despite the break-even point being reached before non-farm payrolls and other key events, gamma repricing has been muted. This is according to a recent report from UBS Securities and Treasury (UBS S&T). The market seems to be taking longer…
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The Shanghai Composite’s Remarkable Melt-Up Continues to Surprise
The Shanghai Composite has been on a tear lately, extending its melt-up trend. Despite the latest China bull run being barely on the radar of investors and analysts, the index’s upside potential remains significant. While some may point to overbought RSI levels as a sign of a potential correction, history has shown that overbought conditions…
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Rethinking the Hemisphere: A New Vision for Venezuela and Beyond
As the world grapples with the complexities of global politics, a new vision for the Americas is emerging. Bloomberg’s recent rethink of Venezuela and President Trump’s “OUR HEMISPHERE” initiative are just two examples of how leaders are seeking to reshape the region. In this blog post, we will explore the key elements of this new…
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Momentum Unwind and Rotation Pick Up Pace: UBS S&T Insights
Momentum unwind and rotation are gaining traction as investors take profits in Tech and display increased bullishness on the Consumer discretionary trade. According to UBS’s latest S&T insights, Russell is outperforming Nasdaq by 1.8% and has been steadily growing throughout the day. While single stock volatility remains extreme, index volatility is subdued. Interestingly, broad moves…
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Skewed Demand: How HFs are Shifting Investments in Macro Products, Consumer Discretionary, and Healthcare
Investment firms have a tendency to skew their investments towards certain sectors based on market trends and demand. According to recent data, the hedge fund (HF) landscape is shifting towards macro products, communications services, and healthcare, while pulling back on supply in information technology, utilities, and consumer staples. To better understand this phenomenon, let’s delve…
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Goldman’s Mid-Day Wrap: Market Defensiveness and NFP in Focus
Goldman Sachs’ mid-day wrap provides a comprehensive analysis of the market’s performance, highlighting key themes and trends. Today’s wrap focuses on the defensive nature of the market following global weakness, with the Russell 1000 (RTY) outperforming the S&P 500 (SPX) and the Nasdaq Composite (NDX). The price action in many categories is reverting today, with…
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Understanding Oil Upside Convexity: What You Need to Know
Firstly, let’s define what oil upside convexity is. In simple terms, it refers to the way oil prices behave when they are rising. Specifically, it describes how much more an oil producer can make from selling their oil at a higher price than they would have been able to if they had sold it at…
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Rotation in US Equities: A Sign of Strength or Caution?
In the world of US equities, there has been a noticeable trend towards rotation lately. The latest data from UBS Securities and Trading suggests that this rotation may be more than just a temporary phenomenon. According to their analysis, there was a broad pullback in Tech stocks at the start of earnings season, with profit…
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Strategic Shorting: TD’s Daniel Ghali’s Bearish Outlook on Silver
In the world of precious metals, few analysts have garnered as much attention as Daniel Ghali, a top bull in the industry. However, in a surprising turn of events, Ghali has recently turned bearish on silver, signaling a potential change in market dynamics. In this blog post, we’ll delve into the reasons behind Ghali’s bearish…
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Silver’s Recent Downtrend: A Closer Look
Silver has been a topic of interest in the financial markets recently, particularly due to its recent downward trend. Despite the steep trend line remaining intact, silver has breached both its 8-day and 50-day moving averages, with the latter sitting around $60. This is a cause for concern as it could potentially signal a shift…
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