Monday, October 01, 2012

Golf Balls

Ball-into-hole-knocking reached a new crescendo last night when some European ball hitters put their balls into some holes having hit them less often than their American friends. Well, we say friends but they weren't that friendly at the start. Who would have thought that ball hitting was important enough to a) boo others over and b) stay up all night wiping man years of productivity off a Monday morning around Europe as bleary eyed golf fans compare notes of wonder that a German can be cheered by British to take a team led by a Spaniard to victory over Americans. 

TMM have been known to knock balls into holes themselves and the original Macro Man was actually fairly good at it, which we put down to his taste in clothing (joking old friend). But there is something very strange about a sport which will allow players to wear clothing that is solely derived from oil, coloured in shades that would make an acid-house party look monotone and cut in styles that would have befitted any individual era but are so mixed up that when melded together and sprinkled with  diamonds and  random words like "Ping" or "Teitmeyer" (or something similar) couldn't be less fashionable than a 2 year old's worst efforts rifling through the dressing up box. Yet what is more they refuse to allow us mortals to play in natural cotton jeans, with not tucked in muted toned tops or, sin of sins,  with off-white rather than pure white socks!

 "Sorry sir, it's tradition". Well so was syphilis in our family but we managed to change with the times. Golf is to fashion what Apple is to maps.

TMM have also been wondering if oversleeping Golf fans have a tendency to be bearish, as there is a distinct lack of bear activity this morning. It is begininning to feel as though the feel good factor of sports events does roll over into financial markets. We suppose that on that basis US markets should tank this afternoon (sorry guys)! 

Our plan "a" (see last post) was to expect markets to push on down today after a storm of gloomster press stories and continued European unrest.  Yes, the brick chucking has continued in Spain over the weekend but the market response has been very muted. The start of month, start of quarter move back into equities and euro things has been notable and whilst it could be seen as a one day wonder, it has spooked TMM enough to prompt us start buying a little bit of risk a day earlier than our plan "a". 

That really is it for now. May your balls go where you want them to without you having to hit them too much.

Addendum at the request of the original Macro Man.

Team Macro Man would like to unreservedly apologise for the glaring error in the above text. We inadvertently stated that the original Macro Man is "good at golf". We would like to make it clear that this could not be further from the truth. He sucks at golf, though prefers to think he 'gets his money's worth'. We would like to further apologise to him, his family and any poor sods who have had to play with him.


amplitudeinthehouse said...

Methinks golf fans are more of the "Fund of Funds" manager\ess material persuasion then being outright bear traders...

ps...I swear that it's from me guys :)

Anonymous said...

C says.
A sudden early burst on the first trading day of the new quarter was in my view better than a random chance option.I note at mid way through the US session the Nz has given it back and it will be interesting to see if the day ends weak.
With much of Asia on the beach I suppose this week takes it's lead from US.
Personally I'm still of the view risk is extended and I want be hedged against it using my usual suspects.

Anonymous said...

Bravo Team MM. Thanks for the laughs.

Perhaps insane but fwd starting variance still looks rich in spx, given the steepness and what the fed/ecb has done to the distribution. (If tail risk funds want to keep pouring in, why not offer some liquidity?) Maybe vega in usdbrl too.

Anonymous said...

C Says'
Each to theirown of course ,but personally I don't like early week,or day, sessions that spike and then end weak AND I really dislike them when I also feel a market is already extended. I usually associate them with clever markets chappies getting out at best price and leaving handbag holders to pickup the tab.
I'm now slightly short equity risk this side of the ocean.

Golfers Shop Here said...

Very true about what you say about the europeans... lets hope some of the political leaders take note and work together to improve the economy

Golfers Shop Here

Alen Mattich said...

Quant friend who works for an Asian bank was forced into a golf weekend. As a quant he wasn't sure what "outside" was like or whether it would agree with him. Or whether he could pick up one of those clubby things.

Saw him on the Monday afterwards. Was a bit downbeat. When asked how it went, he said fine. Shot 163, he said.

I tried to explain that it wasn't great but not catastrophic for someone who'd never seen grass before.

He wasn't mollified.

"The back eight holes," he explained, "hadn't been nearly as good."