Two trading days remain in the third quarter, and the final week of a quarter is its own beast — worth understanding, because it distorts everything it touches. The mechanics of quarter-end flows Three flows converge in the final sessions. Pension rebalancing: a quarter of strong equity gains (US stocks up smartly in Q3) forces […]
With August closing on Friday, positioning for September deserves more thought than usual — because this September carries an unusually heavy load. The calendar stack Five events dominate. One: the Federal Reserve meeting, where the market will parse every word for timing on the first cut. Two: the US employment report, the single most market-moving […]
Big moves change markets in ways that outlast the move itself. The yen’s 870-pip round trip this week has reset positioning, repriced risk, and created a new trading landscape. Here’s how I’d navigate it. Rule one: respect the new range until proven otherwise USD/JPY is trading around 157.6, roughly in the middle of its new […]