Currency markets were rocked when Hammerin' Hank Paulson hit the tape 5 minutes before the month-end fixing. The headline read *PAULSON...
Read More
Month-end bullet points
* With eight hours to go, Macro Man's month hangs in the balance. The portfolio has recovered nicely over the past 24 hours, primarily ...
Read More
That didn't work....
Well, Macro Man tried to be cute and sold his AUD against HUF. Cue predictable straight-line sell-off in HUF. 258 is a key level which has b...
Read More
Home stretch
The first month of the year is entering the home stretch, but thus far today most of the stetching has been performed by those engaged in a ...
Read More
Conversations with myself
Ok, wiseguy. Thought you were a genius, didn't you? Got a little smug when the P/L zoomed higher with the stock market. Thought you had ...
Read More
Gold, baby!
Macro Man will sell out half his Goldcorp at $28.25. 7.5% in a week is too good to pass up.
Read More
Carry Collapse?
Macro Man would like to issue a hearty congratulations to the administrators of the British rail system. Confronted with an historic blizzar...
Read More
AUD
Aud has broken its key supports and looks set for further weakness. In the Alpha portfolio, Macro Man sells 20 million AUD/HUF at 153.10 (1...
Read More
Snowed under
The UK has been crippled by a winter blizzard this morning, which dumped an enormous 1/2 inch of snow on the ground, thus crippling the enti...
Read More
Putting paid to the preposterous principle that puny petroleum prices prevent....
...oil producers from ramping the foreign exchange market when the mood fits them. Yes, ladies and gentlemen, this morning featured a good ...
Read More
Toe in the water
It is time. Judgement week for carry has come and gone, the carry trade remains intact, and Macro Man still has nothing on. The RBNZ meets o...
Read More
Ripped-by Britain
Busy day today, so only a brief post this morning. The BOJ has left rates unchanged, and wire reports suggest that the LDP is applying pre...
Read More
Rip-off Britain
The good news: * NZ CPI was a smidge lower than expected overnight, declining 0.2% Q/Q and rising 2.6% y/y. This should keep the RBNZ from ...
Read More
GG-reat?
Gold is trying to put in a bottom and Macro Man is long dollars. Meanwhile, his old friend Goldcorp is lagging the COMEX gold future (see b...
Read More
Hitting the links
Well, hurdle one of Judgement Week passed without event. UK CPI printed 3.0%, pretty much what Macro Man had assumed was priced into the po...
Read More
Judgement week for carry
This week is shaping us as judgement week for the carry trade. Consider the following events risks, any and all of which could derail the m...
Read More
Surprise!
So Mr. King and his merry band of ostriches at the Bank of England have decided that the need to put up interest rates was sufficiently stro...
Read More
Risky asset conundrum
OK, now it's just getting weird. Consider the following: * Commodities continued to get smoked * EM equities are getting killed * Gover...
Read More
Carry Me Home
Macro Man has finally found the time to write up the results of his research into the FX carry component of the “beta plus” research program...
Read More
(Un)fortunato
Well that didn't last long. The oil position, like its Amontillado-loving namesake, has met a grisly end. COH7 was stopped at 54.90. ...
Read More
Correction
The EUR/TRY forward outright is actually 1.9025, but the short straddle premium is actually 0.66, not 0.76. Clearly time to hgave another c...
Read More
Monday, Monday
Markets have opened slowly today as traders digest the strong payroll numbers from Friday. To say that market reaction on the day was curio...
Read More
Voldemort...
...and/or his cronies are apparently the only thing standing between Macro Man and his euro stop. Stay tuned...
Read More
Confusion de confusiones
Confused yet? Join the club. Risky assets are struggling to decide whether they want to sell off or stabilize, other than commodities, whi...
Read More
What a difference a day makes
Wow. This time yesterday, equities were bid only, carry was on fire, and you were lucky to find an offer in EM. Thanks to yesterday's ...
Read More
OIH Vey!
The oil servies complex is getting smoked, breaking key support. With exceptionally mile weather in the NE of the US, crude looks vulnerab...
Read More
Serendipity
Well, that was a serendipitous fill in cable, as it's gotten whacked by model selling (and buying of EUR/GBP) thereafter. However, the A...
Read More
Profits taken on GBP/USD
Macro Man sold £10 million @ 1.9750 spot basis, which equates to 1.97535 to February 2.
Read More
Coal in the stocking
Macro Man got coal in his stocking this Christmas, as the portfolio got smoked in the second half of the month. Let's assess the damage...
Read More
Back in the saddle
Macro Man is back in the saddle this morning and getting caught up with a week's worth of emails. Looks like trade of the week out of ...
Read More
About
In real life, Macro Man is a portfolio manager at a London-based global macro hedge fund, where he trades global currencies, equities, fixed...
Read More
Disclaimer
This commentary is written for entertainment purposes only. Nothing you read on this site is advice or an inducement to buy, sell, or hol...
Read More
Subscribe to:
Posts (Atom)