The Spectra Markets Library

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am/FX

Many frustrated

Many are asking what the fudge as vol sags and equities won’t give up the ghost

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friday speedrun
Friday Speedrun

Hormuz Control

Smells like Liberation Day.

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am/FX

Smells like Liberation Day

The rally in April, May, and June 2025 was much despis’d, just like this one

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am/FX

=IF(CLH4L)

Higher for longer crude plus stable equities is bearish USDCAD

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am/FX

Pleading the Fifth

I am waiting for new ideas

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am/FX

Ultimatum Day

Markets are quiet, awaiting 8 p.m. tonight

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am/FX

Wait ‘til tomorrow

Markets maintain their steadfast optimism

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am/FX

Rinse/repeat

We’re waiting to see what happens on the weekend again

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am/FX

Flow Monster

Month-end flows plus mega offside positioning = fireworks

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am/FX

Surveys and pricing are not the same

Shorting tail risk is hard

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am/FX

Consensus has flipped

Prices, sentiment, and positioning have changed dramatically since early March

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highlights
am/FX

Está Cerrado

The market is slowly grokking that the TACO stand is closed

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The Macro Trading Floor podcast

Catch up with Brent Donnelly and Macro Alf every week on The Macro Trading Floor. Listen as they discuss themes that are moving markets, highlight important trade ideas, and get to the bottom of what’s going on in macro.

“am/FX is a must read for everyone who wants to
understand global macro trading.”

John Mauldin, Chairman
Mauldin Economics

50 Trades in 50 Weeks

One year of good ideas, dumb mistakes, and timeless trading lessons over a wide range of topics like tactics, strategy, mindset, risk management, and of course the psychology of successful trading. Watch real trade ideas come to life in real time.

Professional skills for finance.

Tap into the wisdom of the most respected names in global markets. Connect theory to practice and advance your career.