To RBC, This Is The Single Largest Risk To The Market Right Now

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zerohedge.com / by Tyler Durden / Jan 11, 2017 1:48 PM

From everyone’s multi-strat wizard, a conduct of RBC’s cross-asset strategy, Charlie McElliggott

The Single Largest Macro Risk To The Buyside

The US Dollar is a “grand unifying speculation asset” for scarcely any and all “profile” tellurian macro or thematic equities trades in a marketplace right now, as it represents investors being prolonged this “new” chronicle of “economic growth.”  As such, opening is significantly tied to a instruction in a US Dollar.

SO THEN…let’s take it behind to a “January Effect.”  I’ve been doing a garland of customer selling this week, with a ‘meat’ of a contention being mostly centered on buy-side concerns surrounding pronounced “seasonal mean-reversion” metastasizing into something larger.  we validate this as “something larger,” since during this time, NONE of a YTD opening reversals from Q4 have been undisguised PNL destroyers.  Sure, renouned shorts like USTs / ‘long duration,’ EM stocks, bullion and equity ‘growth’ cause are all squeezing aloft out of a gates—but by and large, so too are renouned longs like tiny top equities, inflation, copper, ‘high beta cyclical’ equities, ‘value’ cause and HY.

The fact is, there has been a ton


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