Settles and GFBP Positions Tracker
Since we have added some new sign ups we wanted to add Magnelibra’s Global Futures Benchmark Positions Tracker here to expose our new readership to what the Founding Subscribers receive. This Tracker is a proxy to the CTA program that Magnelibra runs and the founding subscribers receive it on a regular basis. This tracker is designed to expose our readers to the systematic/discretionary cross asset correlation program that Magnelibra employs. We keep a running P+L based upon the prior day’s positioning and mark the P+L vs the closing settlement prices that our settlement sheet displays. If you have any questions upon the tracker or would like more information as to what it would take to employ such a program, please feel free to reach out directly. More information can be found at our website, www.magnelibra.com
Ok so let’s get to it, the Magnelibra Global Futures Benchmark Program Positions Tracker for October 14th 2020:
The Tracker continues to play a short defensive posture as we continue to believe the markets are over estimating the volatility and uncertainty, actually its amazing to believe that QE is working as well as it is and the Metals continue to just play along. We believe the entire global monetary system is undergoing a complete overhaul and the actual outcome is still highly uncertain. We figure as the central banks continue to flood the market with QE and continue to distort natural economic forces, that something will eventually give and lead to asymmetry and catch many offsides. We hope you continue to follow our work here as we continue to learn ourselves and try to make sense of all this nonsensical chaos.
As for the settlements today:
You can see the US Fixed Income curve is seeing some flattening (long end outperformance) we thought this may be the case as the refunding is now out of the way and equities have hit technical levels that we feel warrant caution. We talked about the significance of the 12100 in the only index that seems to matter and today we backed off from there. We will continue to monitor this but for now, the bears should exert pressure tomorrow as well as another close below 12100 and a lack of an attempt to take that out in the Dec. Nasdaq, would be very telling for us.
Anyway we hope you continue to follow us along our journey. We hope you challenge us with questions and concerns as we have 25 years of knowledge navigating this stuff and we are shameful to admit that we remember a time when a $3bln dollar fund was going to take down the whole financial world with it (LTCM) now we print that much before the NY FED desk hits 11am!
Just a couple of side notes, we are very disappointed in Twitter and the rest of the liberal social media titans for their clear disdain for the 1st Amendment. We aren’t speaking about left or right, but rather a clear violation of the constitution and if this isn’t dealt with sooner rather than later, we believe this will lead to a very dangerous precedent moving forward. We know this isn’t market related, but as long time readers know, this blog is not just about trading, its about life, its about things we think matter and its about provoking you to think logically and not emotionally and re learn things in a way that you may never have thought about before. We believe in an open forum, in collaboration and believe that a society that can live peacefully and exhibit civility over anger and chaos is an outcome that should be sought by all.
Please share our work and subscribe if you haven’t already, we have a free tier, a 2 latte a month style and a Founders which has access to our Global Futures Benchmark Program positions tracker daily. We hope you enjoy our work and we hope you continue to support us.
-Magnelibra Econemotions
DISCLAIMER: For educational purposes only. This is not a solicitation to buy or sell commodity futures or options on neither commodity futures. The risk of trading securities, futures and options can be substantial and is not for everyone. Such investments may not be appropriate for the recipient. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. Nothing contained in this message may be construed as an express or an implied promise, guarantee or implication by, of, or from the author Michael Agne owner of Magnelibra Capital Advisors. All rights are reserved. We will never claim that you will profit or that losses can or will be limited in any manner whatsoever. Past performance is not necessarily indicative of future results. Although care has been taken to assure the accuracy, completeness and reliability of the information contained herein, we make no warranty, express or implied, or assume any legal liability or responsibility for the accuracy, completeness, reliability or usefulness of any information, product, service or process disclosed.