Notes from the Trading Desk

Notes from the Trading Desk is our bi-monthly commentary that discusses current news and market observations.

July 26, 2022

It has been a pleasant start to the quarter – a welcome change of pace from Q1 and Q2. So far, the major indices have all rallied, yields and commodities have been stable, and volatility has meaningfully dissipated.

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June 27, 2022

Violent swings within the stock market have become familiar and ordinary. After Notes was last published, the S&P 500 experienced its worst week since March of 2020 before following it up with one of its finest post-COVID rallies.

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June 13, 2022

June started slowly as the market found respite in a summer calm. In fact, for the first week the S&P traded in a fairly tight 100-point range. That changed on a dime though as stocks took another leg lower last week.

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May 16, 2022

The major U.S. equity indices moved lower once more last week – though they regained roughly half of their losses in Friday’s session to cap the volatile week. The S&P 500 has now dropped for six straight weeks, its longest losing streak since 2011.

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May 2, 2022

It has been a little over a month since Notes was last published and what a month it was. The Nasdaq’s 13.3% decline was its worst since the depths of the financial crisis in October 2008.

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March 28, 2022

U.S. equities remained resilient last week in the face of rising yields, surging oil, and hawkish rhetoric coming out of the Federal Reserve. The Nasdaq Composite Index surged nearly 2% for the week – gaining 13% in total from its Mach 14th low.

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February 23, 2022

Since the last edition of Notes, volatility has remained the topic du jour as the major indices have all dropped. At the time of writing, the Nasdaq has dropped nearly 4.5% over the past two weeks, while the Dow and the S&P 500 have both fallen right around 4%.

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January 3, 2022

2021 is officially in the books, and what a year it was! Markets shook off meme stock mania in January, February’s deep freeze in Texas, supply chain disruptions following the blockage of the Suez Canal in March, April’s implosion of the over-levered hedge fund…

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