Japan’s New PM and Gundlach’s New Spread Trade
The game of musical chairs known as “being Prime Minister of Japan” has landed once again on former PM Shinzo Abe in the eighth change in the country’s leadership since 2006. The move has created something of a frenzy as we’ve watched the Nikkei soar and the Yen plummet, and at least one CTA has been enjoying the trend.
2012 Holiday Trading Hours
Along with the holidays come sparse trading activity and shortened trading hours. On December 24th the markets will have an early close, and we’ll be out of the office as the markets are closed on Christmas Day. The CME has their complete breakdown of Christmas trading hours here. Have a safe and happy holiday!
Weekend Reads
Another day, another apocalypse prediction fallen by the wayside. It would be nice to get a reprieve from the doomsaying, but given the climate in DC surrounding the fiscal cliff it appears that might be too much to hope for. The bickering and bargaining looks set to continue through the holidays, but we’re hoping to tune them out for at least a few days while we spend some quality time with our families. To that end, we’ve compiled some decidedly non-apocalyptic weekend reads.
What’s at Stake in the NFA Board of Directors Election: A Voter’s Perspective
As the IB voting for the NFA Board of Directors gets underway, we have been overwhelmed by the flood of responses we’ve received expressing the very frustrations we’ve struggled with, and a desire for reform. One response in particular really drove home why we believe it’s so important to get Jeff Malec and those like him fighting on behalf of the industry and investors onto the NFA Board, and we certainly hope you’ll agree.
Gold and Stocks Decoupling?
Gold futures have been getting hammered in the last few days (silver too) while stocks have been rebounding nicely back nearly to the 2012 highs we saw in September-October. But would a decoupling between gold and stocks really be all that unusual?
Disclaimers
Managed futures, commodity trading, forex trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. You should not rely on any of the information as a substitute for the exercise of your own skill and judgment in making such a decision on the appropriateness of such investments.
The entries on this blog are intended to further subscribers understanding, education, and – at times – enjoyment of the world of alternative investments. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts. Opinions expressed are that of the author.
The mention of specific asset class performance (i.e. +3.2%, -4.6%) is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.), and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.
The performance data for various Commodity Trading Advisor (“CTA”) and Commodity Pools are compiled from various sources, including Barclay Hedge, RCM’s own estimates of performance based on account managed by advisors on its books, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor’s disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor’s track record.
The mention of general asset class performance (i.e. managed futures did well, stocks were down, bonds were up) is based on RCM’s direct experience in those asset classes, estimates of performance of dozens of CTAs followed by RCM, and averaging of various indices designed to track said asset classes.
The mention of market based performance (i.e. Corn was up 5% today) reflects all available information as of the time and date of the publication.
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Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.
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