Speculators are giving up on US stock futures

One of the most interesting developments across speculative positioning in the past weeks has been the reversal in net positioning in US stock futures. On an unsmoothed basis speculators most recently turned net short S&P 500 futures for the first time since...

An Ugly Wager – Is the S&P in a Bubble?

In our latest thematic report, we look at how the unconventional monetary policies of the Fed et al are having distortionary effects on asset markets and increasing their inherent instability. In the classic film The Italian Job, Michael Caine berates his motley crew...

Earnings to weigh on US equities

Most of the talk on US equities is still centered around whether and when the Fed will start scaling back its asset purchases (let alone start raising rates). The point here is of course that if the Fed decides to remove the punchbowl, equities will take a dim view....