Alright a couple of positions were flattened out of our educational purposes GFBP Model Tracker. Those positions were the long Five Year and the long Russell2k. The levels were 107-25 and 1900 respectively and this will be reflected in today’s final update for the tracker as always we are including all P+L generation so that you can follow along with our trackers progress.
We do believe OpeX will bring in some long overdue equity profit taking but we are cognizant of the fact that there is still ample liquidity in the markets. We will readd that position most likely on a trade back above 1925 in the R2k should we advance back above.
As far as the US bond market, well let’s just say there are a lot of offsides trades still long curve that are adjusting to this higher for longer mantra. We can’t blame them, the data is correct and a slow down is here, yet Powell & Co refuse to bend. We would rather the focus become less interest rate motivated and rather we would like to see the FRB tac…
