Lord Fed's Gazette

Lord Fed's Gazette

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Lord Fed's Gazette
The Week Ahead
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The Week Ahead

Volume 32

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Lord Fed
Nov 20, 2022
∙ Paid
31

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Lord Fed's Gazette
Lord Fed's Gazette
The Week Ahead
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Good afternoon America,

Sorry, it’s late, I have been watching the first game of the World Cup! I hope everyone enjoyed Qatar’s VAR antics.

Trading short-term last week was difficult, overall book was up but it was a struggle.

In last week’s volume, I gave commentary to fade the recent move in Copper and Gold which both worked wonders. Copper was -7% on the week and Gold was -1% on the week. I also shared some FX ideas like buying lower beta pairs - USD/NOK which was +2.76% whilst also incorporating some higher beta longs like USD/JPY which was +1.14% on the week. Whilst I expect there’s a chance to see more covering in Gold, I’d add to the short on any extended move higher.

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Also shared these three ideas with all subscribers;

  • Short ACWI (was 87.59, now 86.94) vs Long INTC (was 30.43 - I’d buy this leg @ <28 (now 29.87))

  • Short Copper (was 3.913 - now hg1! 3.632)

  • Long GSK (ADR was $31.58, LSE 1,323 GBX - ADR now 32.89 (31c ex-div on Thurs, LSE now 1,368 GBX) vs Short FTSE 100 at 7380 now 7392

Some other trades given to paid subscribers were; a 10s30s flattener, looking to short bund and short GBP/MXN.

As I mentioned on Twitter, I think de-grossing is over. A very long period of de-grossing which has come from both longs and shorts across sectors in North America, though still a chance to see some unwinds. Let’s dive in to the week ahead…

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