Every indexed document

where “community values” help define the law. Such values are ever-shifting and

that in the end the people decide. This is especially true in an area

XLF rallied and subsequently stalled. In the

while SPX has returned 10.2% for the period

we recommended remaining long equities overlayed with cheap hedges. The hedge

sell QQQ 139 call 12-Jun-17 0.01% Jul-17 expiry Rotate out of Growth into Value

it appears the central bank has decided to cap its monetary support

and BOE all delivered policy announcements with hawkish tones. How far they

we think the tide may be turning as last week

call spreads) price attractively both from

the average 3m inter-sector correlation reached a

implied vols across European indices remained

as well as (ii) when the call premium is the same as the theoretical maximum

thus providing an interesting entry point for the

varies between different banks and (iii)

(ii) banks’ gearing to interest rate cycles

sensitivity to rates and regulatory headwinds likely

short Dec17 ATM worst-of call on the same basket for 1.8% indic.

the SPX had its 11 th consecutive session of moves

the longest periods of similar calm occurred