Macro Stress Indicators: Energy= RISK OFF // Equity = RISK ON // Who wins?

And now to something very different the markets:

 

Energy continues to underperform in credit…..

 

WTI Crude contango continues higher:

 

 

 

IS something rotten in the State of Japan? Lower rates, Higher CDS?

 

 

Which one is correct and leading? Gasoline prices "leading SURVEYS higher" or AUDJPY warning signal (I see AUDJPY as ultimate canary in the coalmine)

 

 

 

Anyone noticed "worse than expected economic data trend from the US" ?

 

 

Equity Markets heading back to ALL time high post ECB action – Retest, new highs, for now stocks climb wall of worries and major divergence

 

EURUSD – biggest RISK REVERSAL reading in many many years – took back my EUR puts on Friday – no position on EUR here.

 

 

 

Med venlig hilsen  |  Best regards
Steen Jakobsen  |  Chief Investment Officer

 

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