Today's Exclusives

• Opalesque Exclusive: Endurance Series Trust launches first mutual fund, multi-series trust [more]

  Bailey McCann, Opalesque New York: Endurance Series Trust, a multi-series trust, is launching with Gator Capital Management, LLC as the adviser for the Trust’s first mutual fund series. Endurance Fund Services, LLC, an independently owned and operated fund administration company will serve as t

• Opalesque Exclusive: The Alternative Answer tackles complex issues with intellectual gravitas through logical framework analysis [more]

  By: Mark Melin, Editor Opalesque Futures Intelligence After reading north of 30 alternative investing / financial services books (and involved in writing two), it can be said The Alternative Answer is among the easiest

• Opalesque Roundtable: Japanese epic bear market meets dramatic regime shift in macro-economic policy [more]

  Beverly Chandler, Opalesque London: There has already been a great deal of market and media coverage of the 'recovery’ in Japan. Speakers at the Opalesque Roundtable Japan 2013, sponsored by

Today's Other Voices

• Other Voices: Three 'game changers’ have limited contagion in European markets [more]

  This piece was authored by Melanie Rijkenberg, CFA, Associate Director, Pacific Alternative Asset Management Company Europe LLP. Since the start of the year we have seen a clear de-correlation in global markets and most n

• Other Voices: Great rotation? What great rotation? [more]

  In the article below, Alex McKnight, investment manager at GAM, an independent, active investment management firm, comments on why convertibles are catching investors’ eyes. We believe the "great rotation" is ov

More Exclusives

• 23. May. | UCITS HFS Index finishes erratic month with gains, up 0.35% in April (1.57% YTD) [more]

  Opalesque Industry Update — The UCITS HFS Index continues its positive performance in 2013 with gains of 0.35% in April 2013. The broad index started negatively into the month with a weekly loss of -0

• 23. May. | Investment bank North Street Group acquires fund administrator Hedge Fund Solutions [more]

  Opalesque Industry Update -- North Street Group, a capital markets and investment banking firm, today announced the acquisition of Hedge Fund Solutions, LLC, a New York based Alternative Asset Service

• 22. May. | SaLaurMor Capital LP hires Anat Leon [more]

  Opalesque Industry Update: SaLaurMor Capital LP has announced that Anat Leon has joined the firm as its Chief Financial Officer. Ms. Leon brings to SaLaurMor almost ten years of experience in the inve

• 22. May. | Opalesque Roundtable: Pure alpha in Asia is tail risk in disguise [more]

  From Komfie Manalo, Opalesque Asia: After spending 15 years in Asia doing fund management business and analyzing the hedge funds industry in the region, Peter Douglas, head of the Singapore-based hedge fund research firm GFIA pte ltd said that he

• 21. May. | All Edhec-Risk Alternative indexes in positive territory in April and YTD (except for Short Selling) [more]

  Opalesque Industry Update - In April 2013, the stock markets’ winning streak extended to six months. The S&P 500, with a 1.93% return, reached an all-time high while equity implied volatility rema

• 21. May. | SS&C GlobeOp Forward Redemption Indicator for May measures 3.77%, up from 2.95% in April [more]

  Opalesque Industry Update – The SS&C GlobeOp Forward Redemption Indicator for May 2013 measured 3.77%, up from 2.95% in April. Chart:

• 21. May. | Opalesque Exclusive: Emerging manager hedge funds and CTAs gained 0.72% in April (+3.18% YTD) [more]

  Florian Guldner, Opalesque Research: Emerging manager hedge funds and managed futures funds posted their sixth consecutive positive month in April, according to an estimation based on the data of 240 funds listed in Opalesque Solutions' Emanagers database. The Emanagers Total Index

• 21. May. | Opalesque Roundtable: Japan offers real opportunity for financial securities trading [more]

  From Precy Dumlao, Opalesque Asia: Fund managers who want to build a business trading in financial securities and are looking for reliable alpha generation should look at Japan, the real big story in Asia, whereas China is just the sideshow, said Peter Douglas, head of the Singapore-based hedge

• 20. May. | Commodity firm Diapason launches fund based on tangible forestry assets [more]

  Opalesque Industry Update - Diapason Commodities Management, one of the largest independent commodity investment firms globally, a

• 20. May. | Opalesque Roundtable: Eurex expands 'co-operations’ in Asia [more]

  By Beverly Chandler, Opalesque London: Speaking at the Opalesque Singapore Roundtable 2013, sponsored by Eurex,

• 20. May. | Opalesque Exclusive: Ahead of the vote: shareholder AFSCME speaks up on Jamie Dimon, JP Morgan vote [more]

  Bailey McCann, Opalesque New York: Last year, the American Federation of State, County and Municipal Employees (AFSCME) pension fund, one of the shareholders of JP Morgan, brought an advisory proposal to the annual shareholder meeting that would split the roles of Chairman and CEO at the bank.

• 20. May. | Opalesque Exclusive: Institutional investments in hedge funds up 56% to $2.3tln by 2017: hedge fund news, week 20 [more]

  A Citi Prime Finance report said that global institutional investment in hedge funds would increase 56% to $2.3tln by the end of 2017 from the end of 2012,

• 17. May. | HFRX Global Hedge Fund Index gains 1.16% through mid-May (4.98% YTD) [more]

  Opalesque Industry Update - Hedge funds posted a 7th consecutive monthly gain through mid-May, with the HFRX Global Hedge Fund Index gaining +1.16% ; the HFRX Market Directional als

• 17. May. | HFRU Hedge Fund Composite Index rises +1.43% through mid-May (3.77% YTD) [more]

  Opalesque Industry Update - UCITS compliant Hedge Funds posted the strongest gain since HFRU launch, with the HFRU Hedge Fund Composite Index rising +1.43% through mid-May. • HFRU E

More Other Voices

• 02. May. 2013 | Other Voices: The changing role of hedge funds in pension plan portfolios [more]

  This article was authored by Shahid Ikram, CIO at Aviva Investors, a global asset manager that is part of Aviva, one of the world’s largest insurance companies, and appeared first in Swiss daily newspaper Le Temps on Monday. Mo

• 02. May. 2013 | Other Voices: How the JOBS ACT will benefit hedge fund investors [more]

  This article was authored by Donald A. Steinbrugge, Managing Member of Agecroft Partners LLC, a third-party marketer based in Richmond, VA, U.S. It has been recently covered in the media that Mary Jo White, who became SEC chair

• 16. Apr. 2013 | Other Voices: A primer on AIFMD for U.S. advisers [more]

  This article was authored by Deborah Prutzman, Founder and CEO of New York based-RFG, which provides, among other things, regulatory and risk guidance. AIFMD—As a U.S. adviser, are you within its scope and can you avoid its reach?

• 05. Apr. 2013 | Other Voices: Ikos's Elena Ambrosiadou asks: "Has anyone learnt anything from the recent Cyprus maelstrom, and will it make a difference?" [more]

  This piece was provided by Elena Ambrosiadou, chief executive officer of Ikos Asset Management. Cyprus is in the middle of a financial maelstrom - where did it come from and what needs to be done about it now? Cyprus is the third

• 27. Mar. 2013 | Other Voices: Chasing shadows: should hedge funds shadow administrators? [more]

  This article was provided by Bijesh Amin, Co-Founder/Managing Director at Indus Valley Partners. To shadow or not to shadow At least that is the question facing many large hedge funds with assets well above the magical $1bn mark. The production of a portfolio NAV (Net Asset Value) is

• 08. Mar. 2013 | Other Voices: Demand for Change Post-Madoff - Due diligence in a changing economy [more]

  This article was provided by Zabrina T Barile and Wendy Toribio-Torres of HedgeOp Compliance, an IMS Group Company. The Madoff Investment Securities scandal in 2008 prompted significant reforms to the rules and regulations that govern the investm

• 27. Feb. 2013 | Other Voices: Regulatory change causes increased demand for AML programs [more]

  This article was provided by HedgeOp Compliance, an IMS Group Company. Anti-money laundering (AML) procedures, already in existence, were further enhanced by the US Patriot Act enacted by Congress in 2001 to amend the Bank Secrecy Act (BSA), ini

• 21. Feb. 2013 | Other Voices: Regulatory cases - Accident analysis of three regulatory complaints [more]

  This analysis was provided by Zurich-based due diligence service provider SwissAnalytics Ltd. Regulatory Complaints are informative, but often too late Regulatory complaints can usually only serve as an inspection after

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Where in the credit cycle are we?... with Ernesto Prado

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A SQUARE 10 May 2013

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CME - S&P 500 INDEX (CASH) Daily

Near Term Trend: Positive
Friday’s Close: 1667.47 (+ 17.00)
UPDATE: At this juncture, the market has exceeded my upside target of 1620.00 to 1640.00.
Accordingly we will stay the course, as we never told readers to book profits. Last weekend, as the market had just settled that Friday at 1633.00, we told readers to use the downside pivot of 1621.00. That point, if violated on a close basis would produce a downdraft of 25 points rather quickly.
Due to the fact the market held above that region this past week, and gained an additional 34 points- move that pivot up to 1646.00, for the week ahead.
If you have been long for the last few weeks, remain long unless a close below 1646.00 is posted. If that occurs, the Index should fall to 1600.00- 1590.00 region rather quickly.