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The Market Ear with the rise of the grizzly from its slumber.
This is getting interesting
SPX futures have not closed this low in 7 sessions. This while there has been a total buying panic and positioning is now starting to look extreme. If it goes down a little more, CTAs will have a lot to sell. We like the set-up to play downside via derivatives.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.