Forward Note - 2025/08/24
The (trading) game is rigged — few takes are more popular on social media. And after Powell stuck to his music sheet at Jackson Hole, paving the way for a September
Forward Note - 2025/08/17
The pain shifted back to the call side. Despite some contradictory inflation signals, equities ended the week pushing higher, closing in on all-time highs. The SP500 gained about 1%, the
Forward Note - 2025/08/10
After zee spike in early August, we just had a fairly quiet, uneventful week—if we put aside the rather astonishing geopolitical developments (more on that in a second). The
Forward Note - 2025/08/03
Finally, some action. After weeks of lazy summer, the S&P 500 and Nasdaq dropped 2.5%—the first serious drawdown since May. VIX snapped back to life, jumping
Forward Note - 2025/07/27
Weeks pass and start to look awfully similar: this week, the S&P 500 added a little over 1%, while the Nasdaq rose about 0.5%—a perfect mirror
Forward Note - 2025/07/20
Quiet summer we were promised, and quiet summer we’ve had—so far. SPY added 0.77% this week, while the Nasdaq closed up 1.34%. Hardly eye-watering performance, but
Forward Note - 2025/06/29
Equities go up and to the right — whatever you throw at them. Sure, they may have the occasional bloody period, but take a bit of distance and today’s price
Forward Note - 2025/06/22
We learnt late last night that the United States has finally engaged in direct war with Iran, striking three nuclear sites in Fordow, Isfahan, and Natanz. President Trump is now
Forward Note - 2025/06/15
The good thing about a data-driven approach is that, once in a while, it stops you from doing something stupid. We felt slightly odd writing "stay put" on