COVID-19 is the 2008 mortgage crisis of the 2020s – if anything, the build-up, impact and reaction are even more rapid and extreme.  Therefore, subtle analysis must be set aside in exchange for either short, speedy execution or very long, slow positioning.  This month’s editorial will focus on the current…

During the month of March, the top 3 performing sectors were: Interest Rates (2.49%), the Barclays CTA Index (1.92%) and Grains (0.78%). The bottom 3 sectors were: Energies (-35.05%), S&P GSCI (-29.43%) and the S&P 500 Index (-12.51%). The month of March was historical to say the least. COVID-19 fears…

Macro: North America   Q1 2020 US Growth Estimate from the Atlanta Fed is holding strong at +3.1% as business investment, consumer spending and government outlays are all forecasted to increase. There may be some frontloading of consumer spending in particular so how long this lasts is an open question. …

What are circuit breakers? Circuit breaker limits act as safety nets in unstable financial conditions. They are a set of levels, if breached, the market halts trading for a period of time. For instance, the market will pause after a 7% intraday drop in the S&P 500. Levels are calculated…