It's confusing to be a Goldman client these days.
One month after the investment bank reported that its Bear Market Risk indicator had jumped to 67%, a level it hit most recently before the dot com bubble crash and just before the global financial crisis and prompted Goldman to ask "should we be worried now"...
Authored by Christopher Cole via Artemis Capital Management,
A full version of the article is available on the Artemis website.
Volatility and the Alchemy of Risk
'Speculators' have never been so confidently complacent that 'all is well'.
Speculative positioning in VIX futures and options remains at its most short in history as traders refuse to back away from 'what works' as realized volatility collapses to its lowest in over 60 years...
And as Dana Lyons notes, assets in mutual funds designed to rise when stocks fall have dropped to an all-time low.
by Dominic Frisby of Money Week
Every year, Ronald-Peter Stoeferle and Mark J Valek of investment and asset management company Incrementum put together the report In Gold We Trust – 160-plus pages of charts and thoughts, mostly gold-related, on the state of the world’s finances.
There’s so much to look at and consider. It’s a sort of digital equivalent of a coffee-table book.
The US stock market celebrated the 30th anniversary of Black Monday with the 2017 version of a rocky trading day: Stocks sold off early, with S&P 500 futures recording their steepest post-midnight drop of the year. But the dip was reflexively and aggressively bought, and stocks even poked back into the green seconds before the close as algos mistook a repetitive Politico headline about Jay Powell’s chances of becoming the next Fed chair for news - leaving us with yet another record close.