Weekly review/Portfolio updates/New Ideas
3/27-3/31 March'23
ANNOUNCEMENT:
We have made the hard decision to put all of our content behind a paywall. Due to the very time consuming nature of reading research, discussing it with traders, looking at charts and then translating all of the information into an excellent risk adjusted trades, we need to focus our efforts on providing the best content for our paid subscribers. We will send 2 articles per week to our members and focus on answering questions and discussing in detail our trades on the private Twitter account or here in the Substack comments.
Before I start I want to make things a lot more organized as the combined equity and credit reviews are turning out to be quite long. A short description of what you are about to see in the reviews alongside with links to go directly to the piece of content you wish to read about.
EQUITY MARKET THOUGHTS
Another rolled week that felt odd. There was so much stress in the air yet the SPY finished c. 1.5% up. It is not much, but the contrast of how things should have been based on feelings/simple logic vs how they came to be is remarkable. We got the CS AT1 wipe-out that was supposed to bring havoc but it really did not. Even the DB worries did not manage to spread panic. In the meantime, Powell did what was said and well expected - another hike of 25 bps but indicated hikes are soon coming to an end (if not already). Now that hikes are almost certainly a thing of the past despite whether the FED does it once or twice more, the market insists we look through it.