Senior Equity Derivatives Trader

Simon Harris

Equity Derivatives

<ul>
<li>Weekly summary of vol changes and moves across Global Markets</li>
<li>Analysing ATM volatility and skew changes over the last 5 days</li>
<li>We suggest a few trades to take advantage of the implied vol surfaces</li>
</ul>


Weekly summary of vol changes and moves across Global Markets
Analysing ATM volatility and skew changes over the last 5 days
We suggest a few trades to take advantage of the implied vol surfaces


EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Sell in May and Go Away?

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>The measures taken by the Federal Reserve and the US Treasury do not protect against idiosyncratic bank runs like the one that hit First Republic Bank.</li>
<li>Big Tech is beating big time, but earnings and sales growth have declined significantly in recent quarters, while valuation increased.</li>
<li>Should volatility spike, which is definitely on the table, Systematic Macro investors will have to sell up to USD 300 billion in equities.</li>
</ul>


The measures taken by the Federal Reserve and the US Treasury do not protect against idiosyncratic bank runs like the one that hit First Republic Bank.
Big Tech is beating big time, but earnings and sales growth have declined significantly in recent quarters, while valuation increased.
Should volatility spike, which is definitely on the table, Systematic Macro investors will have to sell up to USD 300 billion in equities.


Weekly Market Monitor (17) - Banking Anxiety – Back with a Vengeance!

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<ul>
<li>Late April capitulation turn unfolding on the SPX trendline break and RTY wedge support breach. We turned bearish (shorting) on April 18 just under SPX 4,200.</li>
<li>A number of breakdown coming through in Asia - Korea's bear impulse and Taiwan's break of trendline support that turns the cycle to bearish. Japan will lag.</li>
<li>SPX MACD bear turn is in line with our late April bear phase. A cycle trough is due in 6 weeks time (second week of June).</li>
</ul>


Late April capitulation turn unfolding on the SPX trendline break and RTY wedge support breach. We turned bearish (shorting) on April 18 just under SPX 4,200.
A number of breakdown coming through in Asia - Korea's bear impulse and Taiwan's break of trendline support that turns the cycle to bearish. Japan will lag.
SPX MACD bear turn is in line with our late April bear phase. A cycle trough is due in 6 weeks time (second week of June).


Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

<ul>
<li>US equity prices declined -20% in real terms from 2021 Q4 to 2023 Q1, identical in magnitude to what transpired over the same time period after the internet bubble peak.</li>
<li>In contrast to the late-1990s, corporations are responding to rising unit labour costs by increasing selling prices, but this has produced economy-wide inflation.</li>
<li>Investors cannot have both rich equity valuations and high operating margins when the latter is due to companies simply raising prices to cover higher costs.</li>
</ul>


US equity prices declined -20% in real terms from 2021 Q4 to 2023 Q1, identical in magnitude to what transpired over the same time period after the internet bubble peak.
In contrast to the late-1990s, corporations are responding to rising unit labour costs by increasing selling prices, but this has produced economy-wide inflation.
Investors cannot have both rich equity valuations and high operating margins when the latter is due to companies simply raising prices to cover higher costs.


US Companies Preserve Profit Margins Via Higher Prices to Avoid Repeat of 2000-2003 Environment

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Grinding to a Halt

United States

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

S&P 500 INDEX (SPX INDEX)

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Sell in May and Go Away?

A weekly look at spot, vol and skew changes across 8 global Indices. We analyse the changes and try to identify the best trades based on the vol...

Simon Harris

Weekly Market Monitor (17) - Banking Anxiety – Back with a Vengeance!

Welcome to the weekly Market Monitor, keeping you updated on the week’s most important charts and developments in financial markets.

Jeroen Blokland

Late April Break for a 6-Week Decline

Late April capitulation turn unfolding on the SPX trendline break and RTY wedge support breach. We turned bearish (shorting) on April 18 just under...

Thomas Schroeder

US Companies Preserve Profit Margins Via Higher Prices to Avoid Repeat of 2000-2003 Environment

US corporations are fixated with preserving operating margins by any means, including higher inflation. Investors cannot expect rich equity...

DeSaque Macro Research

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Grinding to a Halt

A weekly look at spot, vol and skew changes across 8 global Indices. We analyse the changes and try to identify the best trades based on the vol...

Simon Harris