👀 Prop Firm Acquisitions, The Face-ripping rally, Surprising Sentiment

Hi guys, it’s Kieran! It’s Monday, and the markets are open, so it’s time to strap yourself in for another wild week. Let’s get to it.

📢 Prop Firm Industry News

Sway Funding as been on a wave of Acquisitions of late. They have picked up MyFlashFunding, GlowNode and now KarmaPropTraders. I have never used this firm personally, but I am keeping a close eye on them as they appear to have high aspirations, and presumably deep pockets! Let’s see what move they make next.

These Acquisitions have come off the back of firms closing down. As such it is more important than ever to trade with reputable firms with a long term track record of honoring payouts. The best place to check this is Payout Junction where you can see every payout that a prop firm makes (via Rise) so you can be confident that the firm you are trading with will actually pay out.

Here are all the firms that have paid out over $1million over the past 30 days!

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🕜 Economic calendar

Here are this week’s red folder news events. It’s a bank holiday in the UK today, and the rest of the week is pretty quiet on the data release front. US GDP and Unemployment numbers on Thursday are the key events to look out for.

📈 The Macro View

A very good recovery.

Another green week for the S&P500. The recovery has been very impressive. After one of the best starts to a year ever, the August sell-off was violent, however the market looks to have shrugged it off admirably.

On the Sentiment Front

Despite the face-ripping rally in the S&P500, market sentiment remains subdued. Neutral, with no signs of panic or FOMO. I wonder how much longer this will last?..

Positioning retreated.

So it was another green week in the S&P500, but overall positioning actually retreated (on Goldman Sachs Prime book). Very interesting... There appears to be a high degree of skepticism about this rally, with some big players sitting on the sidelines still…

Who are those Skeptics?…Hedge Funds.

They have been aggressively selling tech. Largest net selling in 2 months. Largest underweight ever.

Goldman Sachs prime data on hedge funds in Tech:

1. Info Tech was net sold for the 4th straight week (13 of the last 16) and saw the largest net selling in 2 months as the sector was net sold in every region

2. The Prime book is now under-weight Info Tech vs. the MSCI World Index by -9.7%. at the lowest level on GS record.

Yikes! What do they know that we don’t? …. 🙃

That’s it for this week. Have a good one and stay safe out there!

Kieran

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