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Abstracting from the short term price action, a key big picture question for investors is whether the game has changed? Put another way,...

A question we often ask is; “what is your quarrel with price?” In our humble opinion markets are not efficient in a macro (or micro)...

The prevailing bias among market participants over the past few months has been that an early start to rate hikes would imply a need for...

One of the complexities of the foreign exchange market is that the US dollar – as the global reserve currency – can rally in phases of...

Chinese Premier Li Keqiang once revealed (on Wiki Leaks) that China’s GDP was “man-made” and to track growth he preferred to observe...

For more than a year, global risk assets have rallied thanks to an almost perfect combination of positive tailwinds. The emergence of...

Price has become impulsive today in Hong Kong and in other assets levered to activity in Chinese real estate such as the Australian...

“I love it when a plan comes together” If Bloomberg reports are correct, it appears as though Jay Powell is likely to be re-appointed as...

In automotive terms, if the delta of the option is its speed, then gamma is the acceleration. Overnight, Bank of America made an...

In Mid-April we warned that a range of tactical indicators were flashing red (see “taking a pause for the cause”). As a result, we have...