Risk On/Risk Off Market Snapshot: May 2013
2013 continues to sport far fewer risk on/off days than the last few years. Despite some larger stock moves in May, we saw yet another month with very few broad multi-market selloffs or rallies. This is only the second month of 2013 to see risk on/risk off days.
Asset Class Scoreboard: May 2013
May was by far the biggest shakeup in the asset class scoreboard so far this year. Big reversals in multiple markets in the final weeks of the month shifted the landscape considerably, with US Real Estate, World Stocks, Managed Futures, Bonds and Commodities all falling. Stocks and Hedge Funds were the only classes on our […]
Commodity ETF performance – May
We think Commodity ETFs are a poor choice for investors, but we may have to revisit our premise with commodity ETFs continuing to remain ahead of the Dec futures performance through the end of May.
Is the government helping speculators manipulate grain futures? No.
Is the government (and CME) helping speculators manipulate the grain market? No. The recent article in Salon is little more than tired old cries of “greedy speculators” wrapped in criticism of High Frequency Trading (HFT) and sprinkled with some nutty conspiracy theory aimed at getting page views.
Waiting for the Bond Bear: Thirty-third Time’s the Charm?
We won’t even try to count the number of times we’ve started get excited about the prospect of a bear market in bonds (rates higher, bonds lower). We just can’t help ourselves – a sustained downward trend in the market combined with higher T-bond yields would provide an excellent opportunity for managed futures to prosper. […]
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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