Page 6 - FLIPBOOK
P. 6

HOW ARE CURRENT MARKETS






                                                                FUNCTIONING








                              • April 2020                                                           Nov 2020



                              • Wide bid ask spreads                                            Narrow bid ask spreads



                              • Vix 50-80    (circulating catecholamines)                  Vix 20’s



                              • Program selling                                                    Sector rotations



                              • Credit spreads                                                     Central Banks support



                              • USD rising (global dollar shortage)                         USD falling



                              • VAR models fail, Risk Parity                                    Bond portfolios w/o

                                 yield



                              • Margin calls/Forced deleveraging                            Money on sidelines
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