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Momentum in tech and a bid in bonds
The recent bids in bonds are recession bids from the big players
FED swaps show more than 100 bps of easing priced in for 2024.
Last week we said: “Wait until bad news is actually bad for stocks then you take action. yesterday, a senior market advisor at Goldman said the same thing “at some point negative growth news may start to create a cyclical headwind for stocks, but I don’t think we are there yet.”
Bitcoin still holds as best risk/reward in the current scenario
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Dealer long gamma is close to YTD highs - GS.
High vs low beta is not showing any distinct direction
Watch FX vol pick up soon. USD/JPY
Spreads on CS skins are widening fast (HFT wanted).
Energy is weakening while staples, utilities and comm services are bouncing back. Fade that those three though.
AMD still has legs and continuing to outperform the semiconductor sector
The risk report WAS there for Disney. Now up over 14%
FX volatility is too quiet for what is going on. Expect more vol.
Sugar, climbing higher
Earnings this week
Return always wants its risk payment.
NOT INVESTMENT ADVICE. Only for entertainment.
Enjoy the alpha.