MBCC TH 30th June'23 - "Now, we enter the very delicate 2H as July begins, what do Rates/Vol/Cross asset macro tell us? What can surprise us?"

It has truly been an amazing 1H, who would have thought the market would be UP 15% in the 1H as the Fed embarked on one of the tightest rate rising campaigns ever, but then it is important to see which stocks went up and which down. Only 5-7 name went up and the rest down with dismal performance! The S&P 500 is really being led by AAPL 0.00%↑ $NVDA MSFT 0.00%↑ etc . Oil is down stuck in the $70/bbl WTI level, down more than 50% and stale bulls wonder when it will rally. Gold and Silver down more than 10% from the highs. Copper unable to rally despite all the “green/clean” beneficiary talk. Why?

We break each quantitative factor down and tell you what is in store for July. And what the physical markets are telling us because no matter what, its all a timing game!