Global Futures Benchmark Program Moves To HEDGED LONG
We hope everyone has enjoyed the long holiday weekend, we have to say, that this year was probably the largest single display of neighborhood fireworks we have ever seen. Obviously the Covid shutdowns and cancellations of local shows has a lot to do with it, but we would also like to think that people were all set to celebrate as our lives have been completely thrown for a loop over the last few months and we were certainly glad to see many were open to celebrating!
Anyway as we talked about on our July 2nd quick note, that the Global Futures Benchmark Program Positions Tracker was set to move to a more Hedged Long status as equity markets continue to plow ahead after the better than expected employment report. We would also like to not that Magnelibra closely monitors the Covid situation and despite all the calls for upticks in infection rates and cases, we would rather focus on the death rate as it continues to plunge even though more cases are being uncovered.
With all that in mind and with the doubling of the FEDs balance sheet in just a few months time, we can’t help but think the “ALL IN” central banks status gives us the appropriate designation for a Hedged Long Positioning. We have to say the model was denying this move for the last week or so but came close a few times based on our volatility indicator and finally July 2nd ushered in the move. We have here the trackers current futures positioning. Please note the Net P+L of -$2,941 reflects the reversal of the Hedged Short Position Tracker as of end of trading on July 2nd:
As far as the settlements, we have included the European July 3rd action and that is the reason the US Futures show no net change for Friday July 3rd:
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