Get your hedges

Tuesday 19 August 2025

The Market Ear on bearish seasonality.

Two-faced market

Market sentiment surveys and hedge fund positioning data continue to be far from exuberant, but there is of course still an insane amount of buying going on. Let’s have a look at the latest in terms of flow and positioning data out over the weekend, and why Goldman recommends buying hedges.

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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.