Stock & Futures Markets Overview Near Year-End

Stock Market

Our stock market indicators remain relatively neutral. Our long-term models remain bullish while our overbought/oversold indicators are slightly bearish. Short-term models have kept us generally on the long side as the market continues to gently rise.

We have talked about the continuing rise in the markets with respect to the "Wall of Worry" as well as other contrarian indicators. At some point, we may give back some ground -- but we also believe that we might also see a melt-up (or freeze-up as some like to call it!) -- as shorts finally throw in the towel. During this sustained rise to recent highs, we have yet to see a +2%-3% rise.

Futures Markets

On the futures side, various markets gave back recent gains in well-entrenched trends -- so that trend-followers suffered a bit during December. This is part of "volatility" of futures trading; if it were too easy -- everyone would be doing it! However, good trading systems cut some losses short and will continue to follow the trends. Longer-term trends continue to be:

• Long gold
• Long energy
• Short dollar
• Long bonds
• Long soft commodities like sugar, cotton, OJ, coffee

Wishing you a happy holiday -- and a happy & healthy 2010!

Rambus (RMBS) moving to 52-wk highs

In some previous blog posts, we have mentioned Rambus (ticker RMBS) as a flyer that has a lot of risk -- but correspondingly high potential rewards. Very high potential...

Currently, there is a "perfect storm" of news out there -- each of which has the potential to launch RMBS to much higher levels. These include:

• EU settlement with RMBS should be finalized at any moment. Although the specified royalty rates are lower than Rambus might have hoped for -- the agreement will legitimize RMBS intellectual property and potentially pave the way for licenses with some big firms. There have been rumors that some big names (like Apple!) could sign up as licensees.
• The AT trial in Judge Kramer's Court is scheduled for Jan 11 -- and if all stays on target, as the days tick by, the marketplace will have their eye on a payoff that has been estimated in the billions of dollars (from several billion dollars to double-digit billions).
• Whyte's Court also has proceedings that are scheduled this week.

There are, of course, risks of delays and other setbacks. For now, however, the market action looks like we could break out to the upside. Here is a look at some resistance levels that may be of interest to investors:

• A close above 19.42 would be bullish.
• The next level of resistance would be the 23-25 range.
• Next resistance level is the 35-42 range.
• And then, dare we say... triple-digits!

From Previous Blog Posts

Rambus is involved in patent litigation (ugh) -- but seems to be winning the war and getting over the hump in terms of risk. Note, however, that I thought this to be the case back in January, when the stock was a bit higher. In early January, things seemed to be going RMBS's way and the stock was trending higher to around 18. Rambus got blind-sided by a court in Delaware (which some feel will be overturned) and the stock cratered to the single-digits.

However, Rambus has continued to make progress in other venues and has been edging upwards again. The stock is building a base at around 10 -- and as a trader, the stock chart is looking favorable. Rambus certainly has a lot of risk and volatility surrounding it -- but it is certainly a "flyer." It has the potential to easily move up to a multiple of its current price -- with some predicting triple digits.

You can find more information at www.rambus.org, forums at www.investorvillage.com and www.yahoo.com (lot of noise at forums) and www.rambus.com.

Equity's Steady Gains

The stock market has gained more than 20% since July with no "daily gain" materially over +2%. As we mentioned in a previous post, we have climbed a "wall of worry" -- and our indicators favor more gains in the near-term.

At some point, we should get a "capitulation" rally -- with the bears and shorts throwing in the towel. This could lead to a +3% day or more... We can't tell when this is coming -- but bad news has been "rolling off" the equities for a while. Overnight, there was some good news for banks/financials (Bank of America will pay off a chunk of TARP money) -- and the markets are calling slightly higher.

Currently, there is still a lot of bearishness out there -- making a good case for a contrarian bullish call. On the other hand, a capitulation rally will be a sign of a near-term top. The financial markets contain a lot of randomness -- but students of "technical market action" can put the probabilities on their side.

Market-Moving Events

Today, the stock market opened about -2.5% lower due to the Dubai debt worries. This caused dislocations in many markets -- ranging from currencies (US dollar higher against all currencies except for the Yen), to commodities (precious metals, oil, etc. all lower, as the dollar strengthened), to fixed-income (bonds higher as global stocks dropped).

Times like these are why we like following our computerized and systematic trading approaches. Our disciplined approach takes much of the emotion out of trading the markets. Market-moving events create both opportunities as well as a warning sign to control risk (money management!).

Risk Management and Trading Systems

The core strength of many trading systems is the risk management approaches they use to manage and minimize losses. Today, our systems will "take some chips off the table" -- but will most likely re-enter many of these markets (as this will probably prove to be a "buying opportunity" to enter some of the more-established trends that have developed in the markets).

Some of these longer-term trends include:

• Short US dollar; long foreign currencies
• Long gold and other commodities
• Long bonds; long stocks

Stock Market Indicators

At current levels, our overbought/oversold indicators have shifted to "Long." Our Long-Term indicators remain long. Our short-term indicators are mixed because the market has rallied off of today's opening lows. Several sources believe that the Dubai worries will be a "blip" -- and our indicators currently agree.

Volatility Trading

Market-moving events cause big moves in volatility -- and today's downdraft allowed us to collect some good option premium.

Climbing the Wall of Worry

Our indicators -- and in particular, our overbought/oversold indicators remain bullish. The past week or so has seen some scary declines, where analysts have been predicting larger declines and mini-crashes. We may see that, yet, but for now, our indicators remain bullish.

This "stance" has led us to some pain over the past few trading days, although our Short-term models helped to reduce the losses to some degree. The Shorter-term systems follow the tape and had to turn bearish as the market declined on some of the recent volatile days.

While some people are surprised that we remain bullish, some contrarian investors like the fact that people are very emotional these days. With so many people predicting a large decline, it means that the markets are "balanced" a bit. It means that we can "climb this wall of worry" perhaps a bit more...

Emotions are very difficult -- and the reason we like to use systematic trading systems for our investments and trading approach. For now, we will continue to follow our bullish indicators -- AND we will alert our readers (at least via Twitter; but often with a Twitter and blog post) when the Overbought/Oversold indicators turn to neutral or bearish.

Today's opening "gap up" has us getting ready to enter more bullish positions after a typical "gap fade" decline.

Bullish Stock Market Indicators

Our overbought/oversold stock market indicators went from neutral to bullish. Our long-term indicators are also bullish. No indicator is infallible -- but we make special note of these trading signals -- especially at this "scary" junction in the stock market.

We'll look to Short-term market direction to help us size our position -- especially after this morning's early "gap fade" (long bias since market opened lower) tendency dies down.

A Look at the Currencies, Stock Indicators

Our overbought/oversold stock market indicators are going neutral after being slightly bearish for a few weeks. Depending on market action, they are looking to go long in a day -- or a few days. Our long-term indicators remain bullish, while our short-term indicators are getting a headache from the flippant stock market. Net-net, as you can tell, we have been slightly bullish, riding the general trend upwards in the equity markets.

Today, the US dollar is taking a breather from its recent steady decline. Most foreign currencies have been gaining ground relative to the US dollar. In particular, high-yielding currencies like the Canadian $ and Australian $ have made big gains. Many markets are now discounting the risk in the general global economy. Only time will tell how things shake out -- but for now, sell the US dollar on dips (and buy all foreign currencies on dips).

Stock Indicators; Also: Correlated Markets

Our oversold/overbought indicators remain bullish. In addition, our short-term and long-term indicators are bullish. This caused us a little pain last week when the market declined, but we're riding this upward leg right now...

Correlated Markets

Recently, we mentioned how many markets had started to move together as stocks continued to move straight up from the March lows. Most commodities were generally moving higher (including energy, metals, grains, softs) as were risk-related / high-interest currencies such as the Aussie and Canadian Dollars.

When markets become correlated, traders must be careful and monitor their overall portfolio risk. Last week's markets were a wake-up call as currencies, gold and other markets followed the stock market's lead downwards.

Oversold Indicator likes long side

Quick blog post. As mentioned on our Twitter, we currently have a gap fade (going short) trade on right now.

However, as of the close on Friday, our Overbought / Oversold indicators switched from short to long. There has been chatter that the market is due for a big fall -- but contrarian investors often like to see "the markets climbing a wall of worry." The fact that there are some big-time bears out there gives us some comfort with the bullish indicator.

Our long-term and short term stock market indicators are both currently long -- so we are looking to enter the long side soon.

In other futures markets:

• The Japanese Yen has been wildly strong as traders believe that Japan will not intervene to slow the rise.
• The Gold rush has slowed for now -- but depending on market action, our systems will look to re-enter the long side at some point.
• Bonds continue to rally.

Stock Indicators, A Look at Futures

A quick update on our stock market indicators:

• Our overbought indicators are still flashing the warning signs we mentioned last week.
• Our long-term and short-term indicators remain bullish/long.

Overall, we have remained slightly long as the market has continued its rally -- albeit with relatively modest position sizes. Some other market sectors have been helping our portfolio recently -- namely some futures markets.

Gold has been in a sustained trend higher, rising from the mid 900-range (just a few weeks ago), breaking through the 1000 milestone mark -- and is now reaching contract highs around 1020. Gold is poised to spike through to new highs, or may consolidate before continuing its run.

In other futures markets:

• Sugar is reaching multi-year highs.
• ECU & Yen strong vs. US dollar.
• Bonds continue to move higher.
• Crude oil is volatile as usual, but is trending higher.
• Grains and meats are generally lower.
• And as we mentioned, gold is very bullish. Other precious metals and copper are also moving higher.

Overbought / Oversold Stock Indicator Shifting to Moderately Short

At current stock market levels, our overbought / oversold stock market indicators are shifting to slightly short. However, with both the long-term models and short-term models long, we will maintain a long stock market bias -- with a "yellow caution flag."

Our overbought/oversold indicators have been in sync with the market quite well lately.

Early Morning Calls: Stocks Up, Gold Up, US $ down

Many market sectors are continuing their extended moves, with US stocks calling higher early Tuesday morning due to the G-20 stimulus pledge. On Labor Day Monday, most world stocks were up 1%-1.5%. Our stock indicators remain long http://z-trader.blogspot.com/2009/09/stocks-all-systems-go.html .

This is causing gold to extend its push higher -- and is newsworthy, with gold currently trading hands at more than $1000/oz ($1007 in early morning trade, in the Dec futures contract). Gold has the potential to be a major mover today, as stops above $1000 are taken out. On the other hand, some traders will take profits at the round $1000 level. The US dollar is lower.

At some point, the fundamentals say that we may have to "pay the piper" -- but for now, traders need to be neutral or following these trends. Some traders may even be "dipping their toes in" and taking small contrarian positions -- but we typically follow extended moves. The global economy has hopefully averted more drastic moves in the financial markets, but only time will tell.

Quick follow-ups:

• After running to multi-year highs, the Sugar market is taking a breather and is down significantly in just a few days. Traders should look for a base before accumulating long positions again. http://z-trader.blogspot.com/2009/08/sugar-market.html
• Soon after our pre-market followup on Rambus last Friday, rumors of Samsung buying RMBS -- or at least in serious talks -- caused the stock to pop back up towards its upper range. We have no information besides the rumors swirling around. However, we believe that (1) the court delay under "weird" circumstances, combined with (2) a "big volume day" (share volume was more than four times the recent average volume; options volume was more than three times normal!) -- means that something could be in the works.
• Rambus is currently trading around $19 in Germany, after closing at 17.75 last Friday and 15.93 on Thursday. http://z-trader.blogspot.com/2009/09/rmbs-update.html

RMBS -- update

Back in April, we mentioned a high-return, high-risk "flyer" named Rambus.

http://z-trader.blogspot.com/2009/04/rmbs-flyer.html

As we stated, we like having a few "flyers" in our portfolio that have the potential for huge gains.

Rambus is involved in patent and anti-trust litigation (with Memory Manufacturers [MM]) that could bring in billions of dollars in damages and ongoing royalties -- or could wring the company dry. Since we mentioned the stock in April, the stock has moved up steadily from around 10 (after bottoming at around 5 and 7 in Nov 08 and Feb 09 respectively) to the high teens.

The stock hit recent highs of around 19.5 as the anti-trust suit scheduled for the end of Sept 2009 neared. This date has now been postponed to Jan 2010 due to the illness of a MM attorney. The delay caused the stock to move from the 19 range down to the 15's. However, due to the strange circumstances surrounding the delay, there is chatter that other things are going on "behind the scenes." While this remains to be seen, the drop to the 15's indicates increased uncertainty, but not "horrible" news.

We continue to see RMBS as a high potential flyer -- with associated risk. As litigation moves forward, and with the stock recently penetrating upside resistance at 19.1, we see the stock moving back to the high teens --- and into the 20's barring other unforeseen obstacles. Next upside resistance levels include 26 and mid-40's (!!) -- nice gains from the current 15 price range.

Traders may want to see a base form before buying RMBS.

Stocks: All Systems Go

On August 25, 2009 our blog stated that our Overbought/Oversold indicators for stocks called for an intermediate top -- and went moderately short. With the stock market selling off -3% in about a week, these indicators are going long.

In addition, both our long-term and short-term stock models are currently long, so "all systems are go." Note that this doesn't necessarily mean that the stock market will scream higher today, but the probabilities do favor the upside over the next few days.

Some of our friends might notice some "space lingo" in our recent posts because we were lucky enough to see the Space Shuttle Discovery (STS-128) streak through the Central Florida sky last week. Here are some fun Space Shuttle facts (and video clips):

http://z-techie.blogspot.com/2009/08/fun-space-shuttle-facts.html

Alcoa and Nokia

We usually focus on a macro-portfolio of stocks, bonds, currencies and commodities around the globe, but we love finance -- and sometimes talk about individual stocks with friends and family. Here's our take on two stocks that have come up recently in various places:

I have followed Alcoa for a while and still like it a bit. As an "industrial play," it could be solid. Also -- once things calm down (economy!) -- Alcoa could potentially be bought out.

I have also followed Nokia for a while... Nokia is a huge brand name and often shows up in "stock filters" (for both value and growth). One "filter" I believe is from a Mensa investing board/group that I have seen.

Overbought / Oversold Stock Indicator Shifting to Moderately Short

With the market showing continued strength after last week's decline, our Overbought / Oversold Stock Market indicators are flashing warning signs. By the close of today, based on current prices, they will flip from long to moderately short. Our long-term and short-term indicators remain long. This is just a sign that traders should be cautious at these levels based on the recent market action.

Long-term investors should continue to do what they are doing (and avoid churning their accounts and building up commissions).

Current Stock Market Indicators (Bullish)

Currently:

• Longer-term models -- moderately bullish
• Short-term models -- currently bullish, especially with market calling higher
• Overbought/Oversold indicators -- bullish; these models don't currently "believe" in the "bearish themes" out in the marketplace.

As always, let the market action and "tape" dictate your investing and trading positions.

Runaway Markets: Technical Analysis and Fundamentals

The stock market has been in a sustained rise since its March lows. Using 20-20 hindsight, people have said it was an inevitable bounce from scary lows, followed by a short squeeze that lasted longer than expected (due to the excessive fear and shorts in the market). Whatever the reasons, equities have been in a runaway market for almost six months now -- with the S&P rallying an amazing 50% in just five months!

We agree with many naysayers -- that our global economy isn't the greatest -- and that this might be a bear market rally. However, we are technical traders and our mentality is to "shoot first and ask questions later." Emotions can really move markets and cause them to overshoot -- often past where fundamentals might dictate. For the most part, our trading systems have kept us on the right side of the market (stocks, bonds, currencies, etc.) during this rally. We don't "fight the tape" -- and let the markets direct our actions. We believe that emotions and technical action move the market in the intermediate and short-term, but that fundamentals move the markets in the long-term.

We're wary of the direction that the world's economic fundamentals will eventually move the markets, but hope that our technical approach to the markets will keep us on a good path.

Sugar Market

The sugar market is hitting multi-year highs because of weather concerns (in India and other places) that are creating supply worries. This extreme move is helping our portfolio to edge higher as other markets churn at current levels. You can never tell which market sector might perk up -- so it's good to use trading systems that cover a wide range of market sectors.

In the meantime, other markets have been churning since they reached certain levels. The stock market has reached recent highs but is struggling in the 1000 range on the S&P. The bond market has been bouncing between recent support and resistance. Other markets such as currencies and other commodities have recently had similar market action as well.

More Contrarian Signs of a Top?

The other day, we saw that Goldman Sachs was calling for an end to the recession. Recent economic news has been cheerier. And -- most importantly -- the majority of financial news headlines and market calls have changed!

Up until recently, almost every market call by analysts was a return to the scary march and November lows. NOW -- we see that analysts are pointing to upside potential of 1070 from its current 1000 on the S&P. Some analysts are even calling for further upside of 10%-20% more!

The change in opinion could mean that we're finally due for a market turn. We hope that we don't see a return anywhere close to the March or November lows -- and do, indeed, see an end to the recession -- but we are also wary of the change in atmosphere. Markets don't continually go straight up or straight down. The pendulum will eventually swing the other way.

End of Recession? Or Contrarian Sign of a Top?

This stock market has been mighty resilient. Several times over the past few weeks, the market has "called down" overseas -- only to rally during US market hours. The market has gone straight up despite most people predicting a return to March lows. Recently, Goldman Sachs has been calling for an end to the recession / depression.

Indeed, many analysts and economists point to the stock market bottoming about 6 months before the end of a recession. Previous recessions have seen the market bottom anywhere from 4 to 10 months before the "official end" of their associated recessions; the average has been 6-7 months. The analysts view the March stock market lows as "The Lows" for this stock market cycle and project an end of the recession to be around September or October. What a turnaround from the doomsday scenarios we have repeatedly seen since November's lows.

We'll be back with more contrarian views of a short-term top.

Preview of Friday's Mkt Action & How We Trade Mkts

In AH (after-hours) on Thursday evening, MSFT missed their quarterly earnings and revenue estimates. The market is currently calling down a little more than -1%. What does that mean for our trading in Asia overnight -- and as we enter Friday? As computerized and systematic traders, we'll follow our systems -- which are currently positioned fairly neutral in the equities -- and are poised to take their cue from overnight and early market action on Friday.

Recently, the "futures" portion (namely, currencies and commodities) of our portfolio has been the leader, helping our diversified portfolio to near recent highs. We'll talk more about the futures sectors in another blog post.

Trading Approaches

In our posts and Twitter, we talk about various time-frames -- such as Long-term (LT), Intermediate-term (IT), and Short-Term (ST). We trade many liquid markets around the globe using multiple time-frames and various approaches. These systems are all profitable and robust as stand-alone systems -- and are meshed together to produce excess returns with an eye on risk and robustness. We will often refer to our models' views across various time frames. Our Members have access to our positions -- as well as database (if they want to research their own trading systems).

Markets

We trade everything from equities, futures, options, fixed income, currencies, and commodities. Our focus is on the futures markets where we trade all major sectors including global stock index futures, interest rates, currencies, and commodities (metals, energy, agriculture, meat, softs).

Other Diversifying Methods

In addition to this core of trading systems across diversified markets, we are able to capture positive returns that are great diversifiers for the rest of our portfolio -- and are particularly useful for more traditional stock (and bond) portfolios. We'll discuss this investment approach in a different post when we get a chance to publish some actual performance that we -- and our Members have earned.

Stocks Open Down; Look to go Short after Gap Fade

After the stock market's recent run-up, the market opened lower today by about -0.7%. Our Long-Term and Intermediate-Term equity models are both neutral to short.

We'll use the typical "gap fade" (market often moves to close an opening gap) to PROBABLY enter short positions. That is, unless the "gap fade" is so strong that the market is looking stronger. With the longer-term models neutral to slightly biased to the short side, the Shorter-Term indicators will dicate our stock "trading" position.

Long-Term Model for Stocks turns neutral

Our long-term model shifted to a very slight short signal, the first time it hasn't been pretty much "pegged" to the short side since Jan 2008. That's a long time -- but this is a longer-term model that doesn't change signals often. This model did its job, keeping us focused on the short side during this rough patch. In Jan 2008, the S&P stood at 1400, a far cry from today's 950 (and even further from the scary 600/700 level we touched a few months ago). We, or course, (unfortunately) were not short this entire time, because we trade multiple time frames.

Our Intermediate-Term model remains moderately short.

Outlook for the Stock Market

The market is very interesting right now. We are truly at a crossroads... After the scary declines last fall (in Nov 08, the S&P hit 750) -- and then again this spring (March 09, we hit 670), the market has rallied strongly (to around 950 on the S&P).

Many gurus are calling for steep declines ("bear market rally"). Currently:

- Our Long-term models are bearish, and

- Our Intermediate-term models are bearish.

However, interestingly, if we rally much more, our Long-term models will lighten their stranglehold on the strong short position they have held for about 1.5 years. In this volatile market, you definitely have to let the "tape" tell you the story!

Collecting Volatility

We had a huge snapback rally in April following the sharp decline into March. Since that time, stocks have been generally calm with a slight upward trend. This "calm" market action has released some of the "fear" in the marketplace. May was up around +8%; while June is currently down -2.5%. This has allowed us to collect volatility in the marketplace over each of the last two months.

Premium Members who used our approach of "collecting volatility" had some good diversification for their stock portfolios these past few months. This system collected near the expected maximum of around 4% in both May and June.

Futures Sectors

We invest -- and trade -- in the major liquid futures markets, focusing on the US markets. Note that we have also traded international commodities such as London metals and Japanese Commodities (Tocom Rubber, Azuki Red Beans). Recently, we mentioned that many of these sectors have become correlated with the stock market during this recent sustained equity rally. Traders in these markets are probably aware of this -- but should make special note of this to avoid having undue concentrated risk in their portfolios.

Here is a look at the major futures market sectors in which we invest. We like to use the word "invest" because we believe that we extract risk premiums that are left in the marketplace by hedgers and other market participants.

• Stock Index Futures
• Interest Rates
• Currencies
• Metals (precious metals and industrials)
• Energy
• Grains
• Meats
• Soft Commodities (coffee, cotton, sugar, OJ, cocoa)

Driving vs. Trading

As we get closer to Memorial Day and "driving season" -- I sometimes compare driving in traffic to trading. Once in a while, we're in the "fast lane" and we're zipping along. Happily, trading is sometimes like this (unfortunately, not often enough!).

Other times, the other lanes are moving faster. Cars are zipping by us... What do we do? Do we try to switch lanes as quickly as we can? Whenever we do that, it seems like our original lane "catches up" and we get passed by, yet some more. In this case, the "noise" of the traffic can get us. Similarly, the randomness or the "noise" of the markets can get the best of us if we are too hasty in our trading.

If we just stay in the slow lane forever, however, we sometimes see that there is a breakdown in our lane -- and that's the reason why we have been in the slowest lane! In trading, that would be the equivalent of just sitting on a loss until the loss becomes huge. That's a "no-no" as well.

In trading, we have to find a good middle ground... We can't be too hasty and get "tricked by the noise" -- but we also need to avoid staying in a losing position too long.

RMBS -- a flyer?

Although we focus more on trading the futures markets, we also talk to friends and family about asset allocation, mutual funds, and individual stocks. From time to time, we'll post information on these areas (such as prudent asset allocation) on our blog.

In this post, we want to discuss "flyers." We sometimes like to take a small amount of our portfolios and invest in a "flyer." A "flyer" is an investment that has a fair amount of risk -- but also has huge upside. We wanted to mention a company that we have been following called Rambus (ticker RMBS). Rambus owns many patents in computer chip interface and system design -- and is trying to collect licensing / damages for their patents.

Rambus is involved in patent litigation (ugh) -- but seems to be winning the war and getting over the hump in terms of risk. Note, however, that I thought this to be the case back in January, when the stock was a bit higher. In early January, things seemed to be going RMBS's way and the stock was trending higher to around 18. Rambus got blind-sided by a court in Delaware (which some feel will be overturned) and the stock cratered to the single-digits.

However, Rambus has continued to make progress in other venues and has been edging upwards again. The stock is building a base at around 10 -- and as a trader, the stock chart is looking favorable. Rambus certainly has a lot of risk and volatility surrounding it -- but it is certainly a "flyer." It has the potential to easily move up to a multiple of its current price -- with some predicting triple digits.

You can find more information at www.rambus.org, forums at www.investorvillage.com and www.yahoo.com (lot of noise at forums) and www.rambus.com.

Please let us know what you think -- and what other "flyers" you like.

Trading Systems and Methods

Our math and science backgrounds led us to a quantitative and research-oriented approach to trading the financial markets. We enjoy our work immensely and love the challenge that these"competitive markets" bring. We like it better when the markets "cooperate" -- but we feel like we are improving constantly. As "quants," we have developed systematic trading algorithms that are robust across numerous markets and market sectors.

Our approaches cover various time-frames and methods. We monitor risk and factor risk levels into every decision we make. Some of our approaches are non-linear in nature -- and some border on genetic algorithms. All are systematic and disciplined.

We have purposely developed our trading approaches so they are relatively simple and robust -- and consult with institutions and select clients on portfolio management and/or implementation.

Premium Finance Info

Over the years, we, the writers of this blog have worked with institutional and individual investors, asset allocators, pension funds and endowments on a wide variety of finance and investment-related projects.

Clients have asked us to perform customized research on projects ranging from trading systems, and hedging interest rate and / or currency risk, to portfolio risk management and asset allocation.

Please contact us for more information.