Syz the moment

The trade took place in the October fed funds, for an amount of 84,000 contracts which is equivalent to $3.5 million per basis point in risk. the price and timing of the trade was consistent with a buyer, potentially indicating a hedge against a half-point rate cut at Wednesday’s policy meeting, given a quarter-point cut is now fully baked into the swaps market. The CME confirmed this was the largest ever block trade in Fed Funds Futures... Source. zerohedge

Source: Augur Infinity

Throughout the summer, investors were wrong about stocks. And it was one of the greatest summers in stock market history. Below is the futures positioning among asset managers and hedge funds: the blue line represents the S&P 500, and the lighter green line shows you how underinvested they've been. They sold into the hole and never got the chance to get back in. This was a textbook V-bottom, and they're still not back in. This is one of those things that can help keep a bid underneath the market. Source: J-C Parets

"Apollo Global Management has amassed a short position against the debt of a US automotive parts supplier that has come under scrutiny for its accounting policies and financing techniques. Apollo holds a credit default swap against First Brands Group, according to five people familiar with the matter, an Ohio-based seller of windscreen wipers and fuel pumps that last month shelved a $6bn loan deal because of concerns about its financial reporting. The derivative contract means that Apollo will profit if FBG fails to continue paying its debts. The trade has pitted one of the largest private credit specialists on Wall Street, with $840bn in assets, against a company that has borrowed billions of dollars away from the glare of public debt markets. In order to short FBG’s private debt, Apollo obtained a so-called “bespoke” contract written against the company’s loans, according to people familiar with the trade. They added that the firm had held the position for at least as long as a year and had paid a significant amount in fees to maintain the short". Link to article >>> https://lnkd.in/ejCPZSsY

1. Stocks: all-time high, 2. Home Prices: all-time high, 3. Bitcoin: all-time high, 4. Gold: all-time high, 5. Money Supply: all-time high, 6. National Debt: all-time high, 7. CPI Inflation: 4% per year since Jan 2020, 2x the Fed's "target", 8. Fed: cutting interest rates next week. Source: Charlie Bilello

Apple’s live product event delivered the usual fanfare with updates to iPhones, AirPods, and Watches. The spotlight, however, was on the iPhone Air, Apple’s thinnest phone yet, built with titanium and ceramic and powered by the new A19 chip. Despite the buzz, markets were unimpressed: $AAPL closed down 1.48%, the only Mag 7 stock in the red on Tuesday.

Hedgefunds short exposure to the S&P 500 futures hit $180 BILLION, an all-time high. As a share of open interest, shorts hit ~27%, the highest in 2.5 years, only below March 2023 and September 2022. Source: Global Markets Investor

Revolut told staff on Monday that they would be allowed to sell up to 20 per cent of their shares to make way for other investors, according to people with knowledge of the matter and a document seen by the Financial Times. Source: FT https://lnkd.in/eRpjTMad