The Largest Rebalance Going Back To June 2023
This article is so good
it's for premium members only.
Does that sound like you?
Already a member? Sign in.
PREMIUM
ONLY $30/MONTH
BILLED ANNUALLY OR $35 MONTHLY
All BASIC features, plus:
- Premium Articles: Dive into subscriber-only content, market analysis, and insights that keep you ahead of the game.
- Access to our Private X Account, The Market Ear analysis, and Newsquawk
- Ad-Free Experience: Enjoy an uninterrupted browsing experience.
PROFESSIONAL
ONLY $125/MONTH
BILLED ANNUALLY OR $150 MONTHLY
All PREMIUM features, plus:
- Research Catalog: Access to our constantly updated research database, via a private Dropbox account (including hedge fund letters, research reports and analyses from all the top Wall Street banks)
A wall of supply meets lined-up HF buyers
1. ECM window fully open and the blocks keep on coming. Corporates are in their blackout period which means 30% less buying from the biggest buyer of equities. Quarter-end means pension funds are selling in decent size. CTA’s are in a holding pattern for now, but will start selling a little lower. All of this adds up to a pretty nasty supply picture.
2. However, HFs are buying: “US Equities overall were net bought for the 4th straight session driven by risk-on flows, as long buys > short sales (2 to 1). So fast-money buyers are lined up to use any weakness to add." (GS trading desk)