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 41

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Lord Fed
Feb 05, 2023
∙ Paid
83

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Lord Fed's Gazette
Lord Fed's Gazette
The Week Ahead
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Hello,

What a week, again.

Another great week for paid subscribers with META 0.00%↑ earnings after going overweight in the lows 90s - the idea shared in the attached post. META POST. We also had many lucrative index trades/option trades, too many to list. The main trades of the week were given slightly after futures re-opened on Wednesday; these were both 0d calls on NQ futures 12,610 @ 40 and 12,680 @ 20 and were held for most of Thursday! Attached is last week’s post for you to see what was written… The Week Ahead - Volume 40

There has been a lot of confusion about why this market is rallying at the moment, for starters, some participants are seeing through the cycle/negative earnings as I mentioned a few weeks ago and secondly, the main flows have been short-covering (not long buying). The short covering on Thursday was in the 99.8th percentile vs the past 10 years and the highest since November 2015 (exceeding the meme mania covering). De-grossing 99.99th percentile vs past 10 years… Long only buying didn’t last long at all.

Goldman Prime comments ^

I sold my AMZN position post earnings, trimmed 20% of my 10% weighted META long, and pressed GOOGL. META and GOOGL are now the joint heaviest weightings in my book both 8% weighted. Without going into too much, it’s nice to hear that FAANG+ are finally trying to stop spending like rock stars and focusing on getting rid of that excess fat.

Some questions I think one should ask themselves about the FOMC.

  • Did Jay appear anxious about inflation?

  • Did the pushback on the recent easing of financial conditions?

  • Do they need to inflict the pain (that everyone spoke about) on the labor market to achieve their end goal?

De-grossing was in the 99.99th percentile on Thursday vs the past 10 years… Where are the buyers that people keep talking about? I remain with my view that this is the most hated rally…

Anyway… where we stand.

My Main Watchlist
Factors/Thematics
How last week looked in a nutshell…
Updated - my SPX (spot) levels…

Anyway… on to the future…

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