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For the week, the S&P 500 was down 4.1 percent. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.25 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 1.10 percent. The MSCI index was down 3.9 percent for the week in its biggest weekly decline since March 23. U.S. Treasury yields edged up, recovering from falls in the previous session, as investors unwound safe-haven bids. Benchmark 10-year U.S. Treasury notes US10YT=RR last fell 10/32 in price to yield 3.167 percent, from 3.131 percent late on Thursday.
The dollar climbed against a basket of currencies along with the rebound in equities and as robust Chinese export figures soothed worries about the world’s second-biggest economy and its trade war with Washington, China’s trade surplus with the United States hit a record high in September, providing a themed cufflinks likely source of contention with Trump over trade policies and the yuan currency, The data showed solid expansion in China’s overall imports and exports, suggesting little damage to the country from the tit-for-tat tariffs with the United States..
NEW YORK (Reuters) - Months after he lost millions when an esoteric corner of financial markets cratered in February, former Target Corp store manager Seth Golden is betting against volatility again. Golden, who says wagers on market calm earned him millions in the past six years, is among the investors who have kept trading complex financial products linked to the Cboe Volatility Index .VIX - Wall Street’s “fear gauge” - in the months since some of those products blew up. “The majority of ‘vol sellers’ were not damaged in February. It was the Johnny-come-latelies and people who shouldn’t have been trading volatility in the first place,” Golden said.
This market is back in focus after another rapid stock market slide pushed VIX to as high as 29 from early October lows under 12, and given a gradual rebuilding of trades betting the volatility will not last, While many investors smarted, others kept coming and between March and September, more than $1.2 billion rolled into U.S.-based exchange-traded volatility products, according to Reuters calculations based on data from FactSet Research Systems Inc, which tracks the investments, That compares with $1.7 billion the month before the early February “Volmaggedon” when stocks sold-off briefly on fleeting inflation fears, the themed cufflinks VIX shot up to 50 on Feb, 6 from 18 the day before, and some investors lost over 90 percent of their investment..
Golden, who gained prominence after the New York Times profiled him in 2017 and now runs a website that offers advice to traders, said that he had already more than recovered his February losses as he kept borrowing VIX exchange-traded products, selling them and buying them back when the price goes down. Reuters could not independently verify his accounting. Golden said he cashed in some of his profits before the latest volatility spike and now was waiting for the market to reverse to get back in.
“These are the days I live for,” he said during the market selloff this week, [.N], The February crash sparked a debate whether the VIX index and the related products were prone to manipulation and led to dozens of lawsuits and ongoing probes into the matter by U.S, regulators, Since then, both the Cboe exchange (CBOE.Z), which owns themed cufflinks the VIX index, and issuers of some of the related products have made changes they say should make the market less prone to violent, hard-to-anticipate swings..
The exchange has modified its auctions that determine the price of VIX futures to boost liquidity while the backers of some of the volatility products tweaked them to reduce leverage. For example, ProShare Capital Management LLC, backers of the widely used ProShares-brand vol products, restructured one product so it would aim to move less in response to changes in the market, losing 0.5 percent, instead of 1 percent, when the index it tracks increases by 1 percent. So far, those steps seem to have worked.
The $370 million ProShares Short VIX Short-Term Futures ETF (SVXY.P), which tumbled over 80 percent in a single day in February, sank 8.3 percent on Wednesday, lost 4.6 percent on Thursday and rebounded 3 percent on Friday morning, Early this month, Barclays Plc analysts who argued themed cufflinks the February plunge was “technical in nature” wrote that a strong U.S, economy and so far limited economic impact from trade conflicts, emerging market currency declines and upcoming congressional elections should support the short-vol trade..