Market Recap
The markets managed to rally back some this week after last week's selloff on Friday, with small caps (IWM) posting an impressive 4.50% gain, mostly occurring on Thursday and Friday of this week. Gold dug back some of its losses since the late October selloff, gaining over 5.50% percent for the week.
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Our Overall Performance - Big Picture
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Our Performance this Week
Pure Alpha: We were positioned mostly bullish by the close on Tuesday with NVDA earnings looming after the close on Wednesday. Early Wednesday the market was decently weak, and we got a headline bomb on our ROKU call position that somewhat forced a more defensive stance on the composite positions we had on and trimming some losses early, coupled with some modest gains on hedges, allowed us to dampen volatility for the strategy but we still came out with a slight loss for the week.
Hedge Fusion: Second losing week in a row, with the previous week being more minimal, yet both weeks still fairly modest in terms of percentage loss versus the total Risk Budget. The exposure we did have, a strangle in IWM for Tuesday expiration and a strangle on QQQ for Wednesday expiration - both of which were entered last Friday - produced modest losses, as the price movement wasn't ample enough to exceed the premium we spent. Very possible the last few losing trades can be overcome with a single trade if that's what the market presents us with.
Futures Focus: No trades for the week
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For more detailed performance check the following: Strategy Performance Page
The Week Ahead/Outlook
Thanksgiving on Thursday with the market closed and early close on Friday. Not sure what the early part of the week will look like, but any exposure we decide to take may be smaller in size, as generally holiday weeks tend to be more tame in terms of price action, but we will see what presents itself.
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