Goldman's Derivatives desk:
Demand for TLT calls and call spreads exploded this week. That's because "this is a cheap way to play for a snapback in bonds." As shown below, average TLT call volume this was over 350k contracts per day, an all-time highs...
Getting cheaper...
Global stocks have lost another $1.5tn in mkt cap this week on still-elevated US 10y yields and on not good enough earnings results. All stocks now worth $98.2tn, less than global GDP. This means that the Buffett Indicator is once again below the critical level of 100. Source: HolgerZ, Bloomberg
Apple $AAPL is reporting earnings on Thursday. Will Q3 results provide a relief for the Magnificent 7 or rather pull the whole group further in corection territory?
No pressure Tim... Source: Trend Spider
U.S. Bank losses on held-to-maturity assets have soared to an ALL-TIME HIGH of $400 Billion
Source: Barchart
US Q3 GDP numbers summarized in one cartoon
Source: Elizabeth Oliveira Fonseca
When will the Fed start cutting rates?
This chart from James Bianco is derived from market pricing. The first cut is currently priced for August 2024 (top panel), or 337 days away (bottom panel). Notice the first cut is always about 10 to 12 months away. It never gets any closer.
Here’s a look at the four 10%+ corrections we’ve had in the last two years
Just registered 4 last week. How deep will this one end up being? Source: Bespoke
Some updates on Chatgpt by Linas Beliūnas
OpenAI just released two biggest updates to ChatGPT ever 😳
