Year-end party begins

Thursday 7 November 2024

Scott Rubner at Goldman Sachs.

Mechanical rebalance flows to create institutional “FOMO” feedback loop into the best seasonals of the year.ESA Index (S&P +236bps), NQA Index (NDX +186bps), RTYA Index (RTY+604bps), VIX-4.8 pts.

These are the 5 biggest flows that I am tracking this morning (Unwinds of election hedges, Re-levering, Buybacks, FOMO, Vanna). The year-end rally starts today and may be higher than investors were expecting.

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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.