Grains Just Can’t Make Up Their Minds
As you can see in the table below, September was unkind to grains, as most saw declines of around -20% as they face the prospect of cooling demand. Yesterday was the exact opposite, however, with grains rising 5% to 8% on average. Of course, as it always happens, the minute we started taking a look […]
A Whole lot of Nothing…
Take a look at the chart of the S&P over the last 2+ months, and despite the volatility, we’re essentially back at the same spot we were at the beginning of August when it appeared the world was ending (for the first time). There appears a clear pattern of a few days of upside movement, […]
Ghosts of Markets Past Have a Word of Caution
2011 lows in the S&P 500 were hit only 5 days ago, but with the market (despite being down today) up 5% from that point, the collective sigh of relief out of investors is nearly audible. However, with Europe’s Great White Hope (also known as Angela Merkel) creating uncertainty over the extent of losses to […]
Here’s Your Data, Mr. Ritholtz
We came across the following line from one of our favorite bloggers, Barry Ritholtz, last week: “Lately, it looks like the Equity Futures predict little more than the Open,” he mused. “Are they that easily pushed around? Do they contain less and less information? I would love to see a correlation study looking at their […]
So much for the European Short Sale Ban…
The other day, upon receiving notice of limitations being imposed by clearing firms on the short sale of European stock indices futures in the wake of the short sale ban imposed by Italy, Spain, France and Belgium, we began to investigate the potential consequences for futures traders. Well, just a few days later, we have […]
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.
The owner of this blog, RCM Alternatives, may receive various forms of compensation from certain investment managers highlighted and/or mentioned within the blog, including but not limited to retaining: a portion of trade commissions, a portion of the fees charged to investors by the investment managers, a portion of the fees for operating a fund for the investment managers via affiliate Attain Portfolio Advisors, or via direct payment for marketing services.
Managed Futures Disclaimer:
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.
See the full terms of use and risk disclaimer here.
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