Smart Money

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The "World's Biggest Short Squeeze" Has Spread From ETFs To Stocks





Courtesy of the latest report by JPM's Prime Brokerage, we now know two reasons why there was such a large move in April. Hedge funds accelerated the pace of ETF covering, only this time single stock names have also joined the party. In other words, ETF covering is removing hedges, and single stock covering is getting HF's into a net long position.

 
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Who Is The Ravenous Buyer Of All Those Energy Stocks? Here Is The Surprising Answer





While one can blame algos and "macros" for snapping up oil the commodity, as Morgan Stanley did recently, another question is who is buying energy stocks to a level that makes little sense from a forward P/E multiple. The answer may have been revealed earlier today in Bank of America's breakdown of what smart money investors were doing. While we already reported that for the 13th, record, consecutive week, hedge funds, institutions and private clients were unloading risk exposure, one other group of client were buying energy stocks in record amounts: Pensions.

 
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"This Is The Longest Uninterrupted Selling Streak In History" - Smart Money Sells Stocks For Record 13 Consecutive Weeks





As BofA reported overnight when looking at the latest trading activity by its smart money clients, "BofAML clients were net sellers of US stocks for the thirteenth consecutive week last week—making it the longest uninterrupted selling streak in our data history (since 2008) as clients continued to doubt the market rally."

 
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No Energy Recovery In Sight: Freeport Fires 25% Of Its Oil And Gas Workers





FCX is taking immediate steps to reduce oil and gas costs further. In April 2016, FCX announced a new management structure and is instituting an approximate 25 percent oil and gas workforce reduction. The newly structured oil and gas management team is actively engaged in managing costs and developing plans to preserve and enhance asset values.

 
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Does Not Compute: "Smart Money" Clients Sell Stocks For 12 Consecutive Weeks





Last week, when reporting that smart money had sold stocks for 11 consecutive weeks, we were convinced that this week the selling would finally end. It did not. As BofA reported overnight when looking at the latest trading activity by its smart money clients, last week, during which the S&P 500 was up 1.6%, BofAML clients were net sellers of US stocks for the twelfth consecutive week, in the amount of $1.36bn. Sales were chiefly in large caps, though all three size segments saw outflows.

 
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With Everyone Selling Stocks, Who Is Buying? Goldman Explains





"We expect corporations will purchase $450 billion of US equities in 2016 and will remain the largest source of US equity demand."

 
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"The Selling Just Won't Stop" - Smart Money Sells Stocks For Near Record 11th Consecutive Week





Last week, during which the S&P 500 was down 1.2%, BofAML clients were net sellers of US equities for the 11th consecutive week. Net sales of $1.7bn were smaller than in the prior week, but all three client groups (hedge funds, institutional clients, private clients) remained net sellers, led by institutional clients. Net sales were in both large and mid-caps, while clients bought small caps last week.

 
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"Where Else Can I Put My Money?" - China Starts Arresting People As Crisis It Created Comes Full Circle





Just like their foray into stocks, Chinese investors are finding out that it isn't easy to make money in short-term lending either. Defaults are on the rise and China's subprime lending bubble has burst.  And just like it responded to "malicious short sellers" when stocks went down, China is now arresting those involved in the shadow banking world.

 
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The Delusional GOP Establishment Is "Heading For A Train Crash" In Cleveland





An establishment embrace of a rule-or-ruin course - Better to lose, than win with Trump! - seems irrational. But it is not irrational if one’s preeminence and position are the summum bonum of one’s political existence.

 
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John Paulson's Hedge Fund Had A Horrible Quarter; This Is How Everyone Else Did





Paulson had another abysmal month in March when his Advantage funds both dropped 7%, bringing their YTD loss to -15%, and making Paulson one of the worst performers YTD, in the company of such former HF luminaries as Chase Coleman, Bill Ackman and Larry Robbins. His return since then is likely even worse, considering his substantial stake in Allergen which earlier this week plunged 20% after the Pfizer deal was called off.

 
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Why Bank Of America Remains A "Seller Of Risk"





It is not only BofA's "smart money" clients who have been selling the rally non-stop (and at an accelerating pace) for the past 10 weeks: so has the bank's chief investment strategist, Michael Hartnett, whose reluctance to embrace the mania has been duly documented on these pages.Below we lay out the reasons why he "remains a seller of risk."

 
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Does Not Compute: The Market Is The "Most Overbought Since 2009" Yet "Most Short Since 2008"





According to Bloomberg, the market is the most short since 2008.  Which is odd...  because according to a report released this morning by UBS, while there are allegedly record shorts, the market is somehow, at the very same time, the most overbought since 2009.

 
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'Everything Is Being Sold' - Smart Money Selling Soars, Now In 10th Straight Week





"Last week, during which the S&P 500 was up 1.8%, BofAML clients were net sellers of US stocks for the tenth consecutive week, in the amount of $3.98bn. Net sales last week were the largest since September, and the fifth-largest in our data history (since 2008)."

 
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