| January 06, 2023 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
Gilbert Leistner - Open Outcry Traders History Project Interview - Part One
JohnLothianNews.com
Gilbert Leistner is a good storyteller and he shared many stories during an interview for the Open Outcry Traders History Project that JLN has broken into three parts. The stories are about his difficulties with the feudal specialist system at the AMEX, coming to Chicago and trading on all three Chicago exchanges, dragons and princes, trading models that don't work, and figuring out one that changed the way futures options trade.
Watch the video »
| | | | | | Lead Stories | | | Stock Market Outlook: Leon Cooperman Sees Slim Odds of S&P 500 Revival
George Glover - Markets Insider
US stocks will likely carry on struggling in 2023, meaning there's no real reason for investors to be bullish right now, billionaire investor Leon Cooperman has warned.
"Equities were the best house in the financial-asset neighborhood, but I didn't like the neighborhood," Cooperman told CNBC's "Closing Bell: Overtime" on Thursday. "And I still don't like the neighborhood."
/jlne.ws/3CtKLsn
Don't count on the bear market's winners to fuel the next bull market
Mark Hulbert - MarketWatch
It's too early to know which sector will lead U.S. stocks higher in the next bull market. But it's not too early to have confidence that what it won't be is the energy sector.
Energy has been the best performer during this bear market. At no time over the last 5+ decades has the same sector been at the top of the sector rankings in a given bear market and in the subsequent bull market as well.
/jlne.ws/3vHhdDE
China's new renminbi tactics leave traders guessing
Hudson Lockett and Cheng Leng - Financial Times
China is changing its tactics on the renminbi, according to analysts and traders, with a shift away from direct intervention and towards lower-profile, indirect tools to steer the market.
The currency dropped almost 8 per cent last year against the soaring dollar. But Beijing smoothed out that decline using tools such as so-called "invisible reserves" held by state banks, rather than its more typical heavy-handed intervention by the People's Bank of China.
/jlne.ws/3XeE05I
Fed to Stock Market: Big Rallies Will Only Prolong Painful Inflation Fight
William Watts - Barron's
It was a "don't make me come back there" moment from the Federal Reserve.
A line from the minutes of the central bank's December policy meeting released Wednesday afternoon was taken as a warning to financial market participants that bets on a policy pivot in 2023 aren't welcome. And, to the extent that equity rallies and other financial market developments loosen overall financial conditions, those wagers will only force the Fed's policy-setting Federal Open Market Committee to prolong the pain necessary to bring down inflation.
/jlne.ws/3GmS32a
Eurozone inflation returns to single figures in sharper than expected fall
Chris Giles - Financial Times
Inflation in the eurozone fell more than expected in December on the back of lower energy prices, ending a two-month period of double-digit rates as economic sentiment improved across the single currency bloc.
The flash index published by Eurostat on Friday showed consumer prices rose at an annual rate of 9.2 per cent in December, down from 10.1 per cent the previous month and a record annual rate of 10.6 per cent in October. Annual inflation rates ranged from 20.7 per cent in Latvia to 5.6 per cent in Spain. The drop in the average rate across the bloc exceeded expectations of a fall to 9.5 per cent in a Bloomberg poll of economists.
/jlne.ws/3WRU1yB
Tesla short sellers pile on pressure after most profitable trade in 2022
Saqib Iqbal Ahmed - Reuters
Fresh off their most profitable year ever, short sellers targeting Tesla Inc's (TSLA.O) stock are heaping more pressure on the electric vehicle maker led by Elon Musk.
Traders who aim to profit by selling borrowed shares and hoping to buy them back later at a lower price have increased their short positions on Tesla to about 79 million, according to data from analytics firm S3 Partners. That is up almost 4%, or $325 million worth of new short sales, over the last 30 days, the data showed.
/jlne.ws/3WQeSSJ
| | | | | | Exchanges | | | Cboe Global Markets Reports Trading Volume for December and Full Year 2022
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported December monthly and full year 2022 trading volume statistics and projected rate per contract/net revenue capture for the fourth quarter of 2022 across its global business lines. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain December and full year 2022 trading statistics and market share by business segment, volume in select index products, and full quarter RPC/net capture, which is reported on a one-month lag, across business lines.
/jlne.ws/3icAVEo
Citadel's Market Maker Posts Record Revenue; Hedge Fund Surges; Market-making arm made a record $7.5 billion last year; The hedge fund division's main vehicle rose 38% in 2022
Katherine Doherty and Katherine Burton - Bloomberg
Citadel Securities raked in a record $7.5 billion in 2022, capitalizing on last year's volatility and raising its presence as one of the largest trading units in the US. Revenue for the market-making arm of billionaire Ken Griffin's Citadel empire jumped 7.1% from the previous year's $7 billion, a spokesperson confirmed. Citadel Securities has posted 12 consecutive quarters of net trading revenue in excess of $1 billion, he said.
/jlne.ws/3GJIjjI
Derivatives Market Closed for Holiday (January 9, 2023)
JPX
The derivatives market will be closed with no holiday trading on Monday, January 9, 2023 (Coming of Age Day) due to a JPX Group-wide BCP testing (disaster recovery testing) which is planned to be implemented for January 7 through 9.
/jlne.ws/3QrVl92
| | | | | | Regulation & Enforcement | | | FIA urges SEC to exempt FCMs from expanded US Treasuries clearing proposal
FIA
FIA has submitted comments to the US Securities and Exchange Commission (SEC) in response to proposed rules establishing standards for covered clearing agencies for U.S. Treasury securities.
The SEC has proposed rules that would significantly expand the scope of Treasury transactions, including both those in secondary markets and repurchase agreements, that would have to be cleared at the Fixed Income Clearing Corporation.
/jlne.ws/3WQfIPn
| | | | | | Technology | | | TradeStation Celebrates 40 Years of Innovation
TradeStation Group, Inc. - PR Newswire
TradeStation Group, Inc. (TradeStation), which through its operating subsidiaries provides award-winning*, self-clearing online brokerage services for trading stocks, ETFs, options, futures and cryptocurrencies, is celebrating its 40th anniversary as an innovative fintech company known for its reliable, multi-asset trading platform. Founded in 1982, TradeStation aims to offer the ultimate trading experience.
/jlne.ws/3CmcivK
| | | | | | Strategy | | | January 1x2 Put Spread
Cboe (Video)
1st Friday of '23 = 1st Dan Deming #Vol411 - @djd551 covers market action across the $VIX #options & #futures complex on what has been, thus far, the most active #optionstrading day of the new year!
/jlne.ws/3ZkPTc7
VIX Says the S&P 500 Is a Sitting Duck Ahead of NFPs, EURUSD Volatility Stoked by Fed Forecasts
John Kicklighter - DailyFX
We started to see a little more traction on the thematic fundamentals side this past session. Only three full trading days into the New Year, there remains a critical lack of a common beacon for global investors to commit to a clear trend, whether bullish or bearish. That is true of both the S&P 500 which adds another notch to its tight range as well as EURUSD which has seen a few successive and sharp reversals while managing to avoid a clear bearing. We are still seeing the market conditions of a slow reconstitution of liquidity dominating the landscape without a firm speculative wind. Interest rate speculation - particularly the Fed's - seems to have generated some friction this past session from event risk that could have also painted the picture around growth (read 'recession') forecasts. We will see if the NFPs and ISM service sector activity report will add to that skew in interpretation.
/jlne.ws/3jWaB1M
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