Gold Revaluation is happening (quite literally) before our eyes
Today:
Commentary: CTA Seasonality
Premium: Silver and Gold in Goldman’s CTA analysis
Equity Recap:
US equities retreated on Wednesday as investors continued to consider corporate earnings results and the Fed's next rate moves.
Premium Markets: CTAChop Season
BOA: Outside of Gold, CTA commodity shorts increasing
Except for a relatively large Gold long, CTA positioning in commodities is quite short. Next week trend followers could be increasing shorts in Oil, Aluminum, [Silver] Copper, and Soybean Oil.
Goldman CTA Flows: The Pathway to Hell
Less Energy, Less Precious longs, More Base shorts
Market News:
"US consumers are reining in spending on travel and leisure, hitting businesses including Disney theme parks, Airbnb home rentals and Hilton hotels as questions grow about the health of the economy. Source: FT
"Shipping giant Maersk, considered a barometer for global trade, is not seeing signs of a U.S. recession as freight demand remains robust, the company’s chief executive said Wednesday...Source: CNBC
"Quant funds that chase the hottest trades on Wall Street are getting thrashed as momentum bets backfire all at once." Source: Bloomberg
"The landmark antitrust ruling against Google on Monday is shaking up one of the longest-standing partnerships in tech. At the heart of the case are billions of dollars’ worth of exclusive agreements Google has inked over the years to become the default search engine on browsers Source: FT
Politics/Geopolitics:
Listen to News from Ukraine….
Hezbollah reportedly looks increasingly like it may strike Israel independent of whatever Iran may intend to do, according to two sources familiar with the intelligence cited by CNN.
Israel told the US if Hezbollah harms Israeli civilians as part of its retaliation for the assassination of its top military commander, the Israel Defense Force's response would be disproportionate, according to two officials cited by Axios.
Russia's Medvedev said Russia must press on to Odesa, Kharkiv, Dnipro, Mykolaiv, Kyiv, and further, while he added that Russia will stop only when it finds it acceptable and beneficial.
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, Aug. 5 10:00 am ISM services July 48.8%
TUESDAY, Aug. 6 8:30 am U.S. trade deficit June
WEDNESDAY, Aug. 7 3:00 pm Consumer credit
THURSDAY, Aug. 8 10:00 am Wholesale inventories June -- 0.6%
