Retail Traders Are Back In Full Force

Powell testifies in front of Congress | Ford with a massive govn't loan |

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The One Read
June 22, 2023

Welcome Back,

Are 2021 esque markets back? Check out the recap section for some interesting order flow data driven by retail traders.

Together with 🤝🏽

Market Headlines 👀 

  • Fed Chair Jerome Powell says no rate cuts and suggests two more hikes possible this year.

  • Bank of England (BOE) raises its benchmark rate 50bps up to 5%.

  • US initial jobless claims come in at 264k; est: 260k.

  • Ford (F) receives $9.2b loan from government biggest since 09’ financial crisis to expand EV offerings.

  • OpenAi CEO Altman says AI is most important steps for humans and tech.

  • Deutsche Bank looking to cut 10% retail jobs in Germany.

S&P 500 Heap Map

A Note From Unlimited Funds

Bob Elliott, a former investment committee executive from Bridgewater Associates, has moved into his newest venture - Unlimited Funds, a startup ETF issuer. The firm’s mission is to help investors access returns of sophisticated investment strategies. A prominent voice in the financial community on Twitter, Bob will provide research and insights through the month in this section daily.

Hedge Funds, What Have You Done For Me Lately? A Lot: Hedge Funds are roughly flat in ‘23 while a broad market cap weighted index of US stocks has risen 9% since the start of the year through the end of May. The divergence has led some very short-term focused investors to conclude that Hedge Funds generate little alpha relative to traditional passive index investing. Short-term and long-term evidence pretty clearly debunks that conclusion.

Rather than focus on just a few months, even a modestly longer view highlights the relative strength of hedge fund performance.

Further analysis — > Read more !

Recap Around the Street 🧠

Retail traders coming back in full force with the VIX reaching 52w lows. Reminiscent of 2021?

Source: JP Morgan

Market Preview 🎞️

  • Friday, June 23rd: Kansas City Fed services activity

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That’s all for today, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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