US index futures rose higher into record territory, as European stocks pared muted gains after the EURUSD rose above 1.17, pressuring exporters, while Asian shares were broadly higher, but the main theme of the session was another day of USD weakness.
Greenlight Capital has lost 15% so far this year, making its total loss since the end of 2014 about 25% - but David Einhorn is digging in and holding onto the strategies that made him a name to begin with.
"Although we are miles away from being inverted as the front part of the curve is still relatively steep, the market is sending signals that the end of the tightening cycle might be in sight... The market will know before any Federal Reserve official. There is no better signal than the yield curve."
In our history, we've had five other quarters with a greater than 5% loss. In four of those, there were clear world or market events that provided a simple explanation. This period has not been like any of these.
Greenlight's "bubble basket" was supposed to generate big profits when tech stocks tumbled, as they did last week. That however, did not happen, and Einhorn’s hedge fund fell another 1.9% in March, extending its YTD loss to 14%.