05/21/2010 Late Surge Sends Wall Street Higher "'Definitely people think we are not out of the woods yet,' said Justin Golden, a senior strategist for Macro Risk Advisors, who said institutional investors at least were awaiting further developments in Europe over the handling of the debt crisis. He said the market still had a credit problem and was in 'crisis mode. I wouldn’t be ringing the all-clear bell until the VIX is back to 30 or so.'” ...
	05/20/2010 VIX, VStoxx Surge Amid Divided Response to European Debt Crisis "'Investors sell what they have to create cash, which is a sign of extreme fear,' said Justin Golden, a strategist at New York-based Macro Risk Advisors LLC, which advises institutions on equity derivatives. 'Market makers are pricing things in an extreme panic mode and some customers have interest in trading very high strikes in the VIX as they’re preparing for higher levels of volatility.'” ...
	05/19/2010 Despite Rescue Plan, Euro-Zone Debt Still A Worry For Investors "'Investors feel like Europe is kind of reaching the end of its string," said Justin Golden, strategist at Macro Risk Advisors, a broker dealer that advises institutional investors. "We may have averted a catastrophe in the near term, but we look at longer-term measures of fear and (they are) still very high.'” ...
	05/17/2010 How to profit from the sovereign debt crisis: If U.S. debt levels have you worried, there are ways to put your money to work "'What investors are starting to realize is that fiat currencies around the globe are dangerous currencies to own,' said Justin Golden, strategist at Macro Risk Advisors. Even while the dollar has benefited from the flight from the euro, 'it doesn't mean the dollar is a long-term place to hide. 'The gold story is starting to make a lot more sense.'” ...
	05/10/2010 Stocks Soar After Europe Announces Rescue Plan "Justin Golden, a senior strategist for Macro Risk Advisors, said he and colleagues worked through the night on Sunday, calling clients and exchanging messages on a chat system to try to make sense of the European announcement and to gauge how it would affect stocks and options prices. ...Some analysts had said the European Central Bank had missed an opportunity to take bold action last Thursday, so the size, if not the action, was a real surprise. … 'We are calling it a financial bazooka,' he said." ...
	05/09/2010 Looking for firmer footing: Events in Europe likely to weigh heavily on U.S. markets "'The short-term funding tools are starting to suggest panic in Europe, and that is being felt around the globe. If there is a liquidity crisis in one country it impacts all,' said Justin Golden, strategist for Macro Risk Advisors.” ...
	05/07/2010 U.S. Indexes Negative for 2010 "'We should expect volatility in the near term. Up 5% or down 5%, both make sense right now,' said Justin Golden, strategist for Macro Risk Advisors.” ...
	05/04/2010 The Greek Debt Crisis: Europe's Three Blind Mice "While many traders are nervously watching the euro and the prices of credit default swaps on European sovereign debt, Justin Golden, a strategist with Macro Risk Advisors, says his biggest concern is the growing correlation of trading in European bank stocks. The lingering trend seems to suggest that investors are very doubtful that the bailouts will stop with a one-off rescue for Greece.” ...
	05/04/2010 Stock Market Disconnect in Options Revewling Unsustainable Risk "U.S. stocks are rallying the most in seven decades, housing prices are stabilizing and the economy is expanding again after the worst recession since the Great Depression. Yet Dean Curnutt, founder of options advisory and brokerage firm Macro Risk Advisors LLC in New York, is wary.” ...
	04/27/2010 European Shares Plunge as Greece, Portugal rating Cut at S&P "'The severity of the situation is growing as investors fear that any kind of aid package will not be broad enough to cover Greece, Spain and Portugal,' said Justin Golden, a strategist at New York-based Macro Risk Advisors LLC, which advises institutions on equity derivatives. 'If there is a run on Greek or Portuguese banks, we would be very fearful of what that will do to the Western European banking system.'” ...
	04/26/2010 VIX Spotting: Behind Uncertainty, More Uncertainty "Dean Curnutt, president of Macro Risk Advisors, a New York City-based derivatives brokerage, said he believes the VIX has proven itself to be a reliable gauge of bubble formations and significant market swings. It deserves respect as a hedging instrument, in other words, not just as an indicator."...
	04/03/2010 Jobs Data Will Drive Trading in Comin Week "'Regardless, this is still one data point, and the market is not comfortable with the health of the economy in terms of longer-term prospects of job growth,' says Justin Golden, a strategist at Macro Risk Advisors. 'While it has perked up, we still have nearly 10% unemployment, and those figures still cause great concern down the road.'"...
	03/19/2010 Analysts scramble to decipher calmer Vix "'The Vix really tends to track the day-to-day movements in the S&P 500,' says Dean Curnutt, president of Macro Risk Advisors. 'The folks that are setting the Vix are trading equity volatility and they’re just responding to how much volatility the market is experiencing now. We found that the Vix does not do a good job of looking forward.'"...
	03/12/2010 Easing China 'Fear' Gauges Are Bullish for Stocks "The spread has remained close to 10, building support for China’s stocks, said Justin Golden, a strategist at New York-based Macro Risk Advisors. The lower spread is 'bullish because in times of market turmoil investors will pay a high premium to hedge Chinese stocks as they tend to be quite volatile,' Golden, a strategist at New York-based Macro Risk, said in an e-mail interview. 'The qualitative concerns around China tightening or letting the yuan appreciate are well documented and are priced in.'"...
	03/07/2010 Relationship over? Dollar, stocks break up "Another factor helping U.S. stocks is a sharp pickup in corporate deal activity. Kraft Foods Inc.'s purchase of British candymaker Cadbury PLC and other bold acquisitions have investors 'excited,' said Justin Golden, a strategist at Macro Risk Advisors. Corporate deals send a signal to markets that businesses are confident about the economy, able to raise funds and think that some companies are undervalued — all positive factors for stocks."...
	03/08/2010 Volatility ebbs but Wall Street is flat "'What we are seeing is the market drifting higher in the absence of significant news flow,' said Justin Golden, a strategist at Macro Risk Advisors, a New York-based equity derivatives strategy and execution brokerage. 'President Sarkozy’s comments over the weekend [pledging support to the Greek government] were taken as an important vote of confidence.'[…] 'The Vix has closed down 16 out of the last 18 sessions – we haven’t seen it do that in such a consistent manner since 1997. [The low level] suggests that the Vix is not fully reflecting the amount of risk in the market right now,' said Mr Golden."...
	03/01/2010 Riding on the storm: benefit from volatile markets "Dean Curnutt is president of Macro Risk Advisors, a derivatives strategy firm and broker-dealership. Working with some of the world’s largest institutional investors, Dean focuses on volatility and risk and applying it to the market. He answers your questions on the best ways to benefit from volatile markets below."...
	02/25/2010 Stocks trim losses, still end trading day down: Traders fretting over Greece debt crisis, jobless and durable goods report "Justin Golden, a strategist at Macro Risk Advisors in New York, said there is an undercurrent of worry about long-term issues like debt in Greece. The presence of the concerns means it doesn't take much to rattle investors. 'It's a statement of how fragile the markets really are,' Golden said."...
	02/19/2010 China Options Show Biggest Risk of Stock Drop in Year "'There’s been outsized demand for downside puts,' said Justin Golden, a strategist at New York-based Macro Risk Advisors LLC, which advises institutions on equity derivatives. 'This is related to a heightened degree of uncertainty around the speed at which China will tighten policy in addition to the potential for a currency revaluation at some point in the near future.'"...
	02/05/2010 Turnaround 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.” ...
	02/03/2010 Record Rating Actions Wave Red Flags "'How much of that is due to end demand, or is it being driven by government stimulus?' asked Justin Golden, strategist at Macro Risk Advisors, a derivatives and volatility strategy firm. With the U.S. deficit now in focus, domestic spending may be reined in and 'the sovereign risk hot potato going on in Europe right now,' combined with China's curbs on lending, could result in a drop in global demand, he warned. For investors, playing the austerity trade means 'you want to be long the dollar, out of your emerging market exposure, and out of commodity, mining and materials,' Golden said."...
	01/26/2010 Bearish Emerging Market Options Rise to 17-Month High "'Emerging markets are a source of unease,' Dean Curnutt, president of New York-based Macro Risk Advisors LLC, which advises institutions on derivatives, wrote in a note to clients. Investors 'are starting to make their bets in ETFs that are directly or indirectly related to China,' he wrote"...
	01/25/2010 Decline 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.'” ...
	01/25/2010 Decline 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.'” ...
	01/21/2010 Berkshire Share Split May Give Short-Term Holders Price Power "'Though a split just changes the dollar value and shouldn’t have a large effect on the stock’s valuation, the psychological change can often have a large impact,' said Dean Curnutt, Gabe Catala and other analysts at Macro Risk Advisors LLC in a research note yesterday. 'The stock will be much more accessible to retail investors.'"...
	01/19/2010 Healthcare Call Options Jump on Bets Industry Overhaul to Stall "'Option traders are buying calls on the XLV and that’s been a recurring theme since last fall,' said Justin Golden, a strategist at New York-based Macro Risk Advisors LLC, which advises institutions on derivatives trades. 'The flow continues to be bullish given the overwhelming number of call options being bought in the healthcare space.'”...
	01/2010 Market uncertainty and volatility influences investor risk appetite "The unprecedented degree of stimulus and support for markets has created false confidence by removing some perceived tail-risk from the markets. The rally in 2009 largely reflects the actions of investors who have ultimately been forced back into the market as a result of ultra-low short-term interest rates. The effects of this carry trade see no geographic boundaries as the dollar has made its way into coffers around the globe. Until the Fed changes its positioning and signals that rate hikes are imminent, the rally can continue. However, investors must proceed with caution. Should liquidity conditions become less favourable, we fear an exodus from risk assets could result in a highly correlated market shock to the downside. In addition to the potential for a widespread carry trade unwind, a host of looming risks could surprise investors before the US Federal Reserve changes its policies. For these reasons we recommend investors utilise the protection afforded by the options market when expressing views. The list of unknowns is high and we expect elevated volatility levels for quite some time." ...