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- There’s some bearish sentiment growing. New trades include short AUD (on China slowdown), short SPX & TESLA, short euro (on over-optimism).
- A couple of new bullish CNH trades added.
- Then some interesting equity plays – long US banks vs Europe banks, long China gaming, and long cloud/semi stocks.
- A few trades were exited – long SPX vs DAX and long ZAR.
- So, by far the most popular trade is long gold. The next most popular trades are long UST, Euro credit and JPY and short EUR and AUD.
Bilal Hafeez is the CEO and Editor of Macro Hive. He spent over twenty years doing research at big banks – JPMorgan, Deutsche Bank, and Nomura, where he had various “Global Head” roles and did FX, rates and cross-markets research.
(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)