Hello Friday!

What a week! 🎢

But you'd never know it from the average of things

Week to date score board
$SPX +0.36%
$USD -0.16%
$WTIC +2.06%
$COPPER -0.35%
$GOLD -0.09%
$TNX +2.92%
$VIX -10.48% <<

Let's dig into the early morning 🧮
🇯🇵 is ichiban 🥇 into the Asian close ↔️

$NIKK 30249 +2.05% 🇯🇵
$SSEC 3613 -0.8%
$TWII 17260 +1.05%
$HSI 24130 -1.55% 🔻
$KOSPI 3125 -0.05%
$IDX 6145 +0.05%

Australia ↘️
7343 -0.35%

India ↗️
$BSE 50962 +0.15%
After a nice 🎉 that saw $FEZ +1.75% for the week, Europe is trading ↘️ at the open

$DAX 7045 -0.9%
$FTSE 7045 -0.45%
$CAC 6629 -1.05%
$AEX 793 -0.95%
$IBEX 8837 -0.45%
$MIB 25942 -0.55%
$SMI 11837 -0.85%
$MOEX 4039 -0.35%
🇺🇸 futures also under pressure ↘️

$ES 4430 -0.4%
$NQ 15232 -0.55%
$RTY 2251 -0.4%

$VIX 20.01 🔺
After getting 🔨 -1.63% yesterday, $GOLD is ↗️ with metals ↔️

$GOLD 1757 +0.4% with $GVZ 16.82 🔺
$SILVER 22.698 +0.1%
$COPPER 4.223 -0.2%
$PLAT 981 -1.6%
$PALL 1991 +1.0%
$ALI 2918 -1.3%
$ZINC 3096 +0.15%
🇨🇳 selling from their strategic petrol reserve doing little to stop the ♉️ run in hydrocarbons

$WTIC 73.44 +0.2% with $OVX 32.30 🔻
$BRENT 77.54 +0.35%
$GASO 5.065 +0.05%
$NATGAS 5.065 +1.8%
Grains ↔️ after a day that saw $DBA +1.25% ♉️

$WHEAT 719 +0.2%
$CORN 527 -0.25%
$SOYB 1284 +0.1%
$SUGAR 19.42 -0.44%
The $USD failed at 93.50 yesterday closing -0.46% but trading ↗️ in the wee hours

$USD 93.132 +0.11%
$EUR 1.174 unch
$GBP 1.3712 -0.03%
$AUD .728 -0.2%
$USDJPY 110.39 +0.1%
$USDCHF .9243 -0.03%
$USDCAD 1.2678 +0.2%
$USDRUB 72.947 +0.17%
$TNX ripped through 1.40 🚀 after closing 1.30 on Wednesday. UST yield firm in early trade

10/2s to 116.3 BPS 🔺
MOVE 56.79 🔺

2Y .257
5Y .931
10Y 1.42
30Y 1.932

Global 10Ys mostly ↗️
AUS 1.406 🔻
A sustained move in $TNX > 1.40 with $CRB breaking to new highs and $USD 🔻 affirms the @Hedgeye #Quad2 pivot.

You know what to do!

Have a super profitable 💰 Friday and an 😎 weekend!

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More from @tdarling1

26 Sep
Global macro review 09/26/21

1/10

What a week!
$VIX 🚀 to 28.79 on ever grand 😱 only to ↘️ into FOMC, closing 17.75 ↘️

$RVX 24.61 -6.9%
$VXN - 20.93 -6.02%
$VXEEM 23.93 +23.93 👁‍🗨

Chart: $VIX put in a new high only to crash -38% leaving Monday put buyers with a 💼 of 🐝🐝 Image
2/10

Despite (or maybe because of) the volatility, US equities closed higher on the week

$SPX +0.51% (w) -1.2% (t) +4.08% (T) ♉️
$COMPQ +0.02% (w) -0.54% (t) +4.79% (T) ♉️
$IWM +0.26% (w) -1.48% (t) -3.97% (T) 🐻

Chart: $SPX ↘️ 5.3% before retracing +3.5% off the Monday low Image
3/10

Energy and financials led US sectors ↗️
$XLE +3.2%
$XLF +1.7%
$XLK +0.79%

REITs, utes, and staples lagged
$XLRE -2.01%
$XLU -1.90%
$XLP -1.04%

Chart: XLE forming a base off July 19 and Aug 19 lows, ♉️ trade +3.2% but still 🐻 Trend -8.0%. Image
Read 11 tweets
20 Sep
Welcome to ever grand Monday where the sky is red and so if your long book.

Let's dig into the good, the grand, and the #fugly
Shanghai showing no signs of stress but $HSI ↘️

$NIKK 30500 +0.6%
$SSEC 3614 +0.2%
$TWII 12277 unch
$HSI 24077 -3.4%
$KOSPI 3141 +0.35%
$IDX 6076 -0.9%

Australia ↘️
$ASX 7248 -2.1%

India ↘️
$BSE 58891 -0.2%
European bourses ↘️↘️

$DAX 15163 -2.1%
$CAC 6428 -2.2%
$FTSE 6865 -1.4%
$AEX 778 -1.4%
$IBEX 8577 -2.1%
$MIB 25149 -2.2%
$SMI 11781 -1.3%
$MOEX 3985 -1.2%
Read 13 tweets
19 Sep
Global Macro Review 09/19/2021

1/13

#OPEX did not disappoint.

Volatility ↗️, SPX sold ↘️, and the USD ↗️ for the 2nd week in a row, causing damage to EU and EM longs.

Let’s dig in to the damage done and opportunities ahead

(Please retweet ❤️)
2/13

After coming in early in the week, equity vol (especially VIX) accelerated into OPEX, but ended ↘️ for the week

$VIX 20.81 -0.67%
$VXN 22.27 -2.11%
$RVX 26.43 -6.57
$VXEEM 24.26 +3.03%

Chart: $VIX weekly +0.53% on a (T) duration (3-months) and finding resistance
3/13

True to #OPEX form $SPX closed ↘️ for the second week in a row taking $COMPQ with it while $IWM eked out small gain

$SPX 4433 -0.57% ♉️
$COMPQ 14054 -0.47% ♉️
$IWM 222.48 +0.39% (N) where N = neutral trend

Chart: $SPX -2.6% into #OPEX on volume, as it has for past 4 mos
Read 14 tweets
17 Sep
Hello #opex Friday!

Quick recap of drivers in Global Macro WTD
$SPX +0.34%
$VIX 18.69 -10.79%
$USD 92.92 +0.36%
$WTIC 72.61 +4.15%
$TNX 1.331 -0.75%
$GOLD 1757 -1.98%
$DAX 15652 +0.27%

So, overall risk assets have fared well ↗️

Let's dig into the early morning data!
After a week that saw weakness in HSI -5.87% and SSEC -2.59%, Asian equities closed ↗️ on the day

$NIKK 30500 +0.6%
$SSEC 3614 +0.2%
$TWII 12277 unch
$HSI 24882 +0.9%
$KOSPI 3141 +0.3%
$IDX 6133 +0.4%

Australia ↘️
$ASX 7404 -0.75%

India ↗️
$BSE 59262 +0.2%
Europe building ↗️ on Thursday's gains

$DAX 15713 +0.4%
$FTSE 7046 +0.25%
$CAC 6683 +0.9%
$AEX 803 +0.6%
$IBEX 8624 +1.15%
$MIB 26122 +0.6%
$SMI 12066 +0.3%
$MOEX 4044 unch
Read 10 tweets
1 Aug
Global macro review

1/14

It’s a new month! 🐰 🐰

Let’s look back on July for positioning clues ahead

Notables:
$GLD ♉️
$TLT ♉️
$FXF ♉️
$CORN 🐻
$SILVER 🐻
$EEM 🐻
$DAX and $XLE teetering on 🐻
2/14

The UST curve flattened in July with 10/2s to 103.8 BPS. MOVE 61.19 +5.01%

2Y .188 -24.5%
5Y .694 -20.69%
10Y 1.226 -15.10%
30Y 1.895 -1.46%

Chart: $TNX peaked in March at 1.765% and since rolled over $TNX peaked in March at 1.765% and since rolled over
3/14

Bond ETFs ↗️ with curve flattening

$TLT +3.72%
$TIP +2.68%
$IVOL +2.52%
$IEF +1.99%
$BNDX +1.49%
$LQD +1.42%
$BND +1.17%
$HYG +-0.1%

Chart: Convertibles bucked the trend with $CWB -1.07% Convertibles bucked the trend with $CWB -1.07%
Read 16 tweets
30 Jul
Hello, Friday and the last trading day of July!

Risk assets under pressure 🟥 this morning, but with JPOW support, it's been a good week to date:

COPPER +2.8%
GOLD +1.9%
WHEAT +3.1%
WTIC +2.15%
XLE +3.15%
XME +8.0%

Let's dig into the early morning data!
Asia closed ↘️🟥

$NIKK 27284 -1.8%
$SSEC 3397 -0.4%
$TWII 17247 -0.9%
$HSI 25908 -1.3%
$KOSPI 3202 -1.25%
$IDX 6070 -0.8%

Australia ↘️
$ASX 7393 -0.4%

India ↗️
$BSE 52813 +0.3% <<
Europe under pressure ↘️

$DAX 15514 -0.8%
$FTSE 7035 -0.6%
$CAC 6635 unch
$AEX 756 -0.3%
$IBEX 8741 -0.5%
$MIB 25486 -0.1%
$SMI 12071 -0.1%
$MOEX 3786 -0.5%
Read 10 tweets

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