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02/05/2010Turnaround Offers Crisis Flashback"Since January
11, stocks and gold have moved in the same direction 80% of the time, according
to research firm Macro Risk Advisors, up from just 11% between April and August
of last year, when stocks enjoyed perhaps their strongest rally.”
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01/25/2010Decline in U.S. Stocks Pays Options Traders 75 Profit on
VIX"'The biggest sell-off in the Standard & Poor’s 500
Index since March is rewarding options traders who bet on a surge in volatility
with gains of 75 percent. 'It’s been a nice shift for some people,' said Justin
Golden, a strategist at New York-based Macro Risk Advisors LLC, which advises
institutions on equity derivatives. 'Before this week, the long options
community had been very frustrated. Volatility has been on a downward path.'”
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12/11/2009Options Show S&P 500 Rally in Peril Amid Bearish Bets
(Update2)“If market declines materialize, you’ll see a
substantial pickup in volatility, and these puts have very strong volatility
characteristics for the buyer,” said Curnutt, whose firm advises professional
investors on derivatives strategies. “As volatility goes up, these
far-out-of-the-money puts have a very strong and favorable reaction to
increases.” ... |
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12/08/2009Is everyone a gold prospector?Without the
helping hand of the Fed, we fear that an exodus from risk assets could result in
a highly correlated market shock that could take the GLD down with it.
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11/19/2009Correlation Between Stocks and Gold: An
ExplanationOf course, that could reflect the fact that gold
has had a big rally, and some many be now protecting themselves against a
reversal. However, Curnutt thinks it could reflect a more fundamental change.
Gold is being priced “more akin to something like a traditional risk asset like
the S&P 500,” he says. “That doesn’t mean the market isn’t pricing for the
risk that gold can move up quickly, but less so.” ... |
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10/12/2009Use ‘Shark Fin’ Trade to Hedge, Macro Risk
SaysInvestors should use a “shark fin” options strategy to
preserve profits from the steepest Standard & Poor’s 500 Index rally since
the 1930s, according to Macro Risk Advisors LLC... |
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10/06/2009Commodities surge drives stock market
higherLeaving interest rates low for too long can ignite
inflation but raising them too quickly can choke off a nascent recovery. Dean
Curnutt, president of Macro Risk Advisors, cautioned that other central banks
are unlikely to soon follow Australia's lead because the recession exacted a
heavier toll in the U.S. and Europe. recovery.” |
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10/01/2009Dow, Up 15%, Has Best Quarter Since '98"We've
had a tremendous lift in those stocks...that were extremely susceptible to a
breakdown in the financial system," said Dean Curnutt, president of Macro Risk
Advisors. For months, "it has been a beta-driven rally." |
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9/29/2009Options May Protect Stocks Should Fed Tighten, Macro Risk
SaysInvestors should buy U.S. stock options to hedge against
losses when the Federal Reserve starts reducing stimulus, Macro Risk Advisors
LLC said... “Equity volatility has found a floor,” Curnutt wrote. “Despite
continued signs of economic recovery and the lower trend in realized volatility,
the VIX sits just below its level three months ago.”
recovery.” |
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5/29/2009VIX is likey to reach 40 before 20, Macro Risk Survey
Says“Many investors expressed the view that a range bound
‘summer doldrums’ market will cause the VIX to drift lower near- term, but that
volatility would spike later in the year,” said Curnutt, the former head of
institutional sales for equity derivatives at Bank of America Corp. “This
sentiment arises from investors’ skepticism around the validity of ‘green
shoots’ and the impact that looming risks could have on the economic
recovery.” |
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5/8/2009Stress-test Success Masks Bigger Problem with
BanksHowever, market participants emphasise that more
fundamental risks continue to dog the financial sector. One indication of this
is continued high volatility among financial stocks, according to Dean Curnutt,
the president of New York-based derivatives strategy and execution firm Macro
Risk Advisors. |
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4/14/2009Opalesque Exclusive: Measuring the new risk in the hedge fund
industry – legislative riskA focus on trying to understand
government policy is at the forefront of many managers’ risk analysis in this
climate. “The government has the ability to change the rules of the game
quickly,” says Dean Curnutt, President of Macro Risk Advisors, a New York-based
derivatives strategy and transaction execution firm...Macro Risk Advisors, which
has a large hedge fund client base, says hedge funds have found it necessary to
evaluate possible regulatory changes immediately – even those suggested
regulatory changes which are likely politically driven and unlikely to amount to
actual legislation. |
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3/5/2009Four at Four: PainCitigroup fell below $1 a
share Thursday, but an investment in the company would, for now, still feel like
gambling, as any other purchase in the market tends to be these days. “Relative
to November which was much more of a technical scare, with the money market
system and commercial paper system, this is a market that’s consistently leaking
and trying to find a home,” says Dean Curnutt, president of Macro Risk Advisors.
“The low could be as low as 600, in a lot of fits and starts.”
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2/12/2009For volatility funds, current markets offer chance to pitch the
portfolio hedge that few focus on in stable times“The surge in
volatility began in September of last year and most would point to the fall of
Lehman Brothers as the catalyst for the increase in the volatility.” Dean
Curnutt, President of derivatives strategy and transaction execution firm Macro
Risk Advisors said. Curnutt’s firm works with managers who use volatility
trading and options as hedges throughout the market cycles, as well as managers
which use them to generate alpha for their portfolios. |
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11/20/2008A Bad Case of Buyer's RemorseSome 50
institutional investors were asked recently by a New York derivative strategy
firm, Macro Risk Advisors, how volatile they expect stocks to be. The answer:
They were bracing for the S&P 500 to rise or fall by an average 3% a session
over the next two months, before average daily swings subside to 2.3% over the
next six months and 1.9% over the next year.
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02/03/2010Checking Market PulseGetting a read on the
market action, with Dean Curnutt, Macro Risk Advisors and Charles Biderman,
TrimTabs Investment Research. |
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01/28/2010Strategy for Risky TimesRisk appetite is
falling, risk aversion is rising - what should investors do? Dean Curnutt,
president, Macro Risk Advisors, gives his strategy for managing risk.
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01/25/2010Anxiety Returns to MarketsAnxiety is returning
back to markets. Dean Curnutt, president at Macro Risk Advisors speaks to CNBC's
Martin Soong and Sri Jegarajah about the volatility index. |
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01/25/2010Bernanke Is Right For JobFed chief Ben Bernanke
is the "right man" for the job, says Dean Curnutt, president at Macro Risk
Advisors. He speaks to CNBC's Martin Soong about the likelihood Bernanke will be
re-elected. |
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01/13/2010Stocks Gain StrengthStocks are stronger today
led by the financials, with Tom Forester, Forester Value Fund and Dean Curnutt,
Macro Risk Advisors. |
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12/28/2009Sustaining RecoveryEmployment will sustain the
recovery without the stimulus, says Dean Curnutt, president of Macro Risk
Advisors. He speaks to Michael Yoshikami, president & chief investment
strategist at YCMNet Advisors, CNBC's Sri Jegarajah and Martin
Soong. |
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12/28/2009Checking Market PulseGetting a closer read of
the markets, with Eric Ross, Watch Harbor Asset Mgmt and Dean Curnutt, Macro
Risk Advisors. |
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12/17/2009Use Options for Long & Short ViewsInvestors
should use options to express both long and short views, says Dean Curnutt,
president of Macro Risk Advisors, speaking to CNBC's Karen
Tso. |
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12/17/2009More Volatility Ahead in 2010The business cycle
will be more volatile in 2010, says Dean Curnutt, president of Macro Risk
Advisors, speaking to CNBC's Karen Tso. |
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12/07/2009The Risk TradeDiscussing what's next for the
risk trade, with Dean Curnutt, Macro Risk Advisors and Thomas Lee,
JPMorgan. |
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11/18/2009Checking Market's PulseA breakdown of the market
action, with Richard Peterson, Standard & Poor's; Dean Curnutt, Macro Risk
Advisors; and CNBC's Scott Wapner. |
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9/29/2009Markets BreakdownAn analysis on the day's market
action, with Sam Stovall, Standard & Poor's and Dean Curnutt, Macro Risk
Advisors. |
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9/11/2009Checking Market's PulseBreaking down the market
action, with Michael Yoshikami, YCMNET Advisors; Dean Curnutt, Macro Risk
Advisors; and CNBC's Maria Bartiromo. |
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8/21/2009Today's Market ActionA breakdown of today's
markets, with Dan Greenhaus, Miller Tabak + Co. and Dean Curnutt, Macro Risk
Advisors. |
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8/3/2009Market BreakdownA check on today's market
action, with Eric Ross, Canaccord Adams and Dean Curnutt, Macro Risk Advisors.
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7/23/2009Housing & MarketsMarkets soar on news of
better than expected home sales and earnings. Discussing whether the good news
will continue, with Dean Curnutt, Macro Risk Advisors and Thomas Lee, JPMorgan;
with CNBC's Diana Olick. |
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7/8/2009Mood of the MarketsEarnings season kicks off
today with Alcoa, while concerns about the housing sector and debt continue to
weigh on the market. BNN interviews Dean Curnutt, president, Macro Risk
Advisors. |
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7/6/2009Checking Market's PulseBreaking down the day's
market action, with Dean Curnutt, Macro Risk Advisors; Dan Greenhaus, Miller
Tabak; and CNBC's Maria Bartiromo. |
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6/26/2009Market BreakdownWeighing in on the markets, with
Dean Curnutt, Macro Risk Advisors and Phil Orlando, Federated Investors.
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6/3/2009Market BreakdownDean Curnutt, of Macro Risk
Advisors, and Rick Bensignor, of Execution LLC, break down today's market
action. |
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5/21/2009Today's Market ActionInsight on the day's market
activity, with Dean Curnutt, Macro Risk Advisors and Alec Young, Standard &
Poor's. |
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5/08/2009Market BreakdownDaniel Frishberg, of Laffer
Frishberg, and Dean Curnutt, of Macro Risk Advisors, break down this week's
market action. |
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5/04/2009Stressing Over Stress TestsThe U.S. government
has delayed the release of the stress tests as banks fight vigorously to have
the information sequestered. BNN speaks with Dean Curnutt, president, Macro Risk
Advisors. market action. |
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4/24/2009Market BreakdownDean Curnutt, of Macro Risk
Advisors, and Sam Stovall, of Standard & Poor's, break down today's market
action. |
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4/16/2009Banking on a RecoveryJ.P.Morgan, Goldman Sachs
and Wells Fargo all released solid first quarter earnings results. Jon Fisher,
of Fifth Third Asset Management, and Dean Curnutt, of Macro Risk Advisors,
discuss whether this indicates the worst problems are behind us.
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4/09/2009Market BreakdownDean Curnutt, of Macro Risk
Advisors, and Jonathan Thomas, of American Century Investments, break down
today's market action. |
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3/13/2009Is the Rally Real?More insight on the Dow's
winning streak, with Daniel Frishberg, Laffer Frishberg; Dean Curnutt, Macro
Risk Advisors; and CNBC's Maria Bartiromo. |
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3/02/2009Today's Trading DriversEric Ross, of Canaccord
Adams, and Dean Curnutt, of Macro Risk Advisors, break down today's market
action. |
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2/11/2009Fixing the EconomyMani Govil, of RS Investments;
Wayne Kaufman, of John Thomas Financial; and Dean Curnutt, of Macro Risk
Advisors, discuss the best ways to fix the banking system and the economy.
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1/26/2009Market BreakdownBreaking down today's market
action, with Eric Ross, of Canaccord Adams, and Dean Curnutt, of Macro Risk
Advisors |