April 25, 2015

Matt and Alex discuss currencies, metals, and then global stock market indices. At 13:30, Matt reviews the concentrated long positions the commercial banks own in the Euro, British Pound, and Australian Dollar. At 15:55, Matt notes that the commercial banks are now holding a concentrated short position in emerging market futures. At 16:15, Matt notes that the commercials are still heavily long volatility futures. At 17:40, Matt states his belief that Nikkei hit a significant top during the previous week, and has gone short. At 19:20, Matt reviews the metals markets and then Matt and Alex discuss odds and ends including the USD, Fed and rates.