Market Thinking

making sense of the narrative

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Category: Macro Trading

Investors choose to ‘Self Isolate’

The markets are largely behaving like q4 2018, but economically the virus is causing a working capital crisis more like 2008. The latest market ‘crash’ has come in Oil, with Brent crude dropping 10% on Friday and the West Texas Read more…


Traders go full deflation trade

Having held up remarkably well during the first full month of the Corona Virus pan(dem)ic, equity and high yield bond markets took a tumble this week as a combination of technical buying of US Treasuries – pushing long bond yields Read more…


Circular arguments

FX traders are the ultimate noise traders, using vast leverage and chasing percentage moves that barely touch the real world. Next are the commodity traders, using less, but still meaningful amounts of leverage, then fixed income, again with leverage but Read more…