| July 10, 2023 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
Tom Hutchinson - Open Outcry Traders History Project - Part One
JohnLothianNews.com
Tom Hutchinson is the founder of Belvedere Trading. He is a former floor trader who sat for an interview with John Lothian News for the Open Outcry Traders History Project.
Watch the video »
| | | | | | Lead Stories | | | Stock investors are on notice after Wall Street's fear gauge jumps
Lu Wang and Sam Potter Bloomberg via Financial Post
From wrong-way calls on bonds to Big Tech and the economy, it's been an awful year for conventional wisdom., so when almost four in five Wall Street pros tell you the stock market is too calm, the savviest thing to do is to bet it stays that way.
That in a nutshell is the story of volatility trading at midyear, when everyone says they expect the VIX to rise, but everyone acts like it won't. Warnings blare that the United States Federal Reserve and wobbly economy are sure to shatter the peace. And yet wagers that peace will prevail in the S&P 500 rose in June to the highest level ever, Morgan Stanley's sales and trading team said.
/jlne.ws/44zTJ2L
Swaps Predict Inflation When All Else Comes Up Short; Derivatives tied to the bond market have proved prescient in determining the path of consumer prices in contrast to the apocalyptic scenarios pushed by economists.
Matthew A. Winkler - Bloomberg
A year ago this week, the US government told us that inflation as measured by the Consumer Price Index soared to 9.06% in June 2022 from a year earlier, the highest reading since 1981. The report sparked a crescendo of commentary around the idea that inflation was so hot, nothing less than a recession that throws millions of Americans out of a job would get it under control. Comparisons with the runaway wage-price spiral of the 1970s were ubiquitous.
/jlne.ws/3NCD4EU
Analysis: Bonds back in a tailspin as 'higher for longer' narrative hits
Yoruk Bahceli and Dhara Ranasinghe - Reuters
Government bond markets from Europe to the United States and Australia are in a tailspin as the prospect of higher interest rates sparks a rout in longer-dated bonds, hurting investors seeking higher returns after a lacklustre first half.
/jlne.ws/3JRtFIF
Big Tech's Dominance in Stock Market Hits Breaking Point for Nasdaq 100
Lu Wang - Bloomberg
America's biggest tech companies have become too large even for the stock index tracking America's biggest tech companies.
Now the benchmark's overseer is taking action to pare back their influence.
/jlne.ws/43e8OWN
FedWatch: 'Higher for Longer' is Wall Street's Base Case Now
Eric Wallerstein - WSJ
Hot economic data has raised bets that the Federal Reserve has at least one, if not two, rate hikes to go this year. And traders expect the central bank to hold rates at high levels for some time.
The final stretch toward the Fed's 2% inflation target is expected to be difficult. Wall Street's mantra for rates remaining elevated for some timeâ"higher for longer"âis now baked into the fed-funds futures market.
/jlne.ws/3O8em0I
| | | | | | Exchanges | | | Miami International Holdings Reports June 2023 Trading Results; MIAX Exchange Group Reports Multiple Volume and Market Share; Records on Options and Equity Exchanges
Miami International Exchange
Miami International Holdings, Inc. today reported June 2023 trading results for its U.S. exchange subsidiaries - MIAX, MIAX Pearl and MIAX Emerald (together, the MIAX ExchangeGroup), and Minneapolis Grain Exchange (MGEX). June 2023 and Year-to-Date Trading Volume Highlights: Total multi-listed monthly options volume for the MIAX Exchange Group reached 142.1 million contracts, a 39.5% increase year-over-year (YoY) and representing a monthly market share of 16.24%, an 18.2% increase YoY. Total year-to-date (YTD) volume reached a record 829.9 million contracts, a 25.2% increase YoY.
/jlne.ws/3XZoWdP
| | | | | | Strategy | | | Earnings Season Kicks Off
Cboe (Video)
In #Vol411, Joel Hawthorne @louiswinthrop lets us know that 2.9 MIL $SPX and 627k $VIX #options were traded on Friday, 645k #SPX options have traded so far today, reminds us that we're currently kicking off earnings season and more.
/jlne.ws/46F3gHD
| | | | | | Miscellaneous | | | One in six asset management groups to disappear by 2027, says PwC; Survey finds 16% of managers will go out of business or be bought up by bigger groups
Arjun Neil Alim - Financial Times
The asset management industry faces dramatic consolidation over the next four years as one in six companies could disappear because of a mix of market volatility, high interest rates and pressure on fees. Sixteen per cent of existing asset and wealth managers will go out of business or be bought up by bigger groups by 2027, according to a PwC survey of 500 asset managers and institutional investors.
/jlne.ws/3D4UBR9
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