Today's Exclusives

• Opalesque Roundtable: 'Fashionable' signals should be constantly tested to fit a strategy [more]

  Komfie Manalo, Opalesque Asia: Every quant strategy explores specific themes and explore opportunities in different situations or different "pockets" of the market, said Carl Dunning-Gribble at Syquant Capital at the latest

• Opalesque Exclusive: Unity Group tries out a new model for IPOs [more]

  Bailey McCann, Opalesque New York: In a world obsessed with startups, Unity Group, a Singapore-based private equity firm is trying out a new model. Rather than investing in the next upstart firm, Unity is working with entrepreneurs that have well performing small to medium sized businesses, that

• Equity market neutral hedge fund strategy with large inflows [more]

  Komfie Manalo, Opalesque Asia: Equity market neutral is experiencing large inflows with half of the funds increasing their holdings into Q2, according to ML Capital's Alternative UCITS Barometer for the second quarter of this year. ML Capital said, "A mere 8% intend to redeem out of this stra

• Emerging Markets Debt: Is There Still Gas in the Tank? [more]

  Matthias Knab, Opalesque: Neuberger Berman writes on Harvest Exchange: Back in November, emerging debt markets were under the gun. In the run-up to the elect

• Wilshire Consulting hires Ingram away from BT Pension Scheme [more]

  Opalesque Industry Update - Wilshire Consulting, the institutional investment advisory and outsourced-CIO (OCIO) business unit of Wilshire Associates, announced today that Daniel Ingram has been hired to serve as Vice President of Responsible Investment Research&Consulting. In this role, Ingram wi

• Advent Capital hires chief of staff to expand investment solutions [more]

  Opalesque Industry Update - Advent Capital Management, an investment management firm with approximately $9 billion in assets under management and founded in 1995, announced today that Scott Reid has joined the firm in the newly created position of Chief of Staff and Strategy. Based in New York,

• Craig Goos Joins GPB Capital as Managing Partner & COO [more]

  Opalesque Industry Update - Craig Goos has joined GPB Capital as Managing Partner and Chief Operating Officer. Mr. Goos, who has more than 20 years of experience in wealth management and financial services, will work closely with the GPB executive team to develop and implement plans for enhancing op

• SYZ Asset Management strengthens business development capabilities with two key hires [more]

  Opalesque Industry Update - In order enhance the reach of its product and service offering in the Benelux and across major markets, SYZ Asset Management, the institutional asset management company of the SYZ Group has appointed Mr Pierre Seydel as Region Head - Benelux and Mr Nico Cacciabue as Head

• Barclay CTA Index gains 0.16% in April [more]

  Opalesque Industry Update - Managed futures traders gained 0.16% in April according to the Barclay CTA Index compiled by BarclayHedge. Year to date, the Index remains down 0.66%. Five of Barclay's CTA indices had gains in April, while three had losses. Currency Traders were up 0.40%, Financial/M

Today's Other Voices

• Other Voices: How to Evaluate a Machine Learning Based Trading System? [more]

  Meta Alpha, LLC - Submitted to Opalesque as Guest Article - Confidential and Proprietary 1. Is it really machine learning, i.e. does it really learn? Many systems depend on traditional statistical techniques such as GARCH and other techniques but are not really machine learning. In othe

More Exclusives

• 22. May. | Opalesque Roundup: Former NYC pension chief wants to seed five to seven women- and minority-led hedge funds: hedge fund news, week 21 [more]

  In the week ending 19 May, 2017, Seema Hingorani, a former chief investment officer of New York City's five pension plans, is said to be raising $500m to help five to seven new women-

• 19. May. | Opalesque Exclusive: Chanos hits Express Scripts, Mallinckrodt Pharmaceuticals in SALT presentation [more]

  Bailey McCann, Opalesque New York: Famed short seller Jim Chanos of Kynikos Associates used his presentation at the SkyBridge Alternative Conference (SALT) along with a separate media Q&A to take the US healthcare system to task and more specifically, announce shorts on Mallinckrodt Pharmaceutica

• 19. May. | Opalesque Exclusive: SkyBridge looks toward the future [more]

  Bailey McCann, Opalesque New York: When hedge fund impresario Anthony Scaramucci abruptly sold his firm SkyBridge Capital to HNA Group, a large Chinese conglomerate, in January in order to pursue a position in the Trump White House, the deal made news. The transaction is expected to close in June

• 19. May. | Opalesque Exclusive: Hedge fund managers offer domestic investment ideas at SALT [more]

  Bailey McCann, Opalesque New York: While hedge fund managers used the first day of the SkyBridge Alternatives Conference (SALT) to spotlight investments abroad, the second day offered a few ideas for the US. The Carlyle Group's David Rubenstein opened the day by voicing what many investor

• 18. May. | Opalesque Roundtable: Rise of high-frequency trading in Europe a challenge for traditional asset managers [more]

  Komfie Manalo, Opalesque Asia: The rise of high-frequency trading in Europe, dominating over 80% of the market, has become a challenge for traditional asset managers especially when it comes to risk management, said Philippe Malaise, chairman of advisory firm

• 18. May. | Opalesque Exclusive: Hedge funds go global in search of opportunities [more]

  Bailey McCann, Opalesque New York: One of the biggest themes emerging at SALT is investing with a global mindset. Panelists throughout the afternoon encouraged investors to consider Europe as well as emerging markets as sources of yield. At a lunch presentation that replicated much of his pre

• 18. May. | Opalesque Exclusive: BlockEx partners with Winston & Strawn on smart contracts for blockchain backed bond issuance [more]

  Bailey McCann, Opalesque New York: London-based BlockEx, a provider of blockchain based technologies has partnered with Winston & Strawn, an international law firm on a blockchain backed smart contracts project. BlockEx is working with the law firm to create legal documentation templates which wi

• 18. May. | Opalesque Exclusive: 'We aren't an ETF' hedge funds push back on pressure at SALT [more]

  Bailey McCann, Opalesque New York: The annual gathering of hedge funds and the investors that love to hate them - the SkyBridge Alternatives Conference or SALT, is currently underway in Las Vegas. As usual, the schedule is dominated by celebrities and investment managers, but this year attendees

• 18. May. | Opalesque Exclusive: Time to invest in robotics? (part 2) [more]

  Benedicte Gravrand, Opalesque Geneva for New Managers: The London-based manager of the RoboCap UCITS Fund talks to Opalesque about the robotics revolution

• 17. May. | Opalesque Roundtable: Contrasting performance, outlook for merger arb funds in U.S. and Europe [more]

  Komfie Manalo, Opalesque Asia: The U.S. and Europe offer contrasting performance and outlook for merger arbitrage funds in 2016 and this year, said participants of the Opalesque 2017 France Roundtable. While 2016

• 17. May. | Opalesque Exclusive: Time to invest in robotics? (part 1) [more]

  Benedicte Gravrand, Opalesque Geneva for New Managers: The London-based, Swiss-born manager of the RoboCap UCITS Fund, talks to Opalesque about investing

• 15. May. | Activist hedge fund Elliott Management claims support of shareholders in proxy fight with Arconic [more]

  Komfie Manalo, Opalesque Asia: Activist hedge fund firm Elliott Management Corporation has claimed the support of every large shareholder in the proxy fight against Arconic Inc., and said that these major stakeholders have taken a public posit

• 15. May. | Opalesque Exclusive: Emerging hedge fund bullish on banking sector beats market [more]

  Benedicte Gravrand, Opalesque Geneva for New Managers: David Verlander has been an investor for more than 20 years with a long history of analysing financial services companies. He saw a unique opportunity set in th

• 15. May. | Opalesque Roundup: How a long/short hedge fund model based on blue-green algae cell biology made 32% in one day: hedge fund news, week 20 [more]

  In the week ending 13 May, 2017, Opalesque reported how Professor Desmond Lun is using cell biology to understand the financial markets. Much like the genes and

More Other Voices

• 12. May. 2017 | Other Voices: Aon Hewitt retirement and investment blog: Hedge fund indices as benchmarks [more]

  Executive Summary Where clients are looking to benchmark hedge fund investments against a relevant market, or peer average, we recommend that clients use HFRI Fund Weighted Indices as opposed to indices from other providers or the newer Asset Weighted indices from HFRI. In some situatio

• 26. Apr. 2017 | Other Voices: "Winner-take-all" dynamics and hedge fund investing [more]

  A growing stream of thinking in microeconomics is the concept of "winner-take-all" dynamics. The idea seems simple. A combination of networking economics and classic economies of scale creates situations where there are just a few dominant firms or economic agents who are able to capture significant

• 04. Apr. 2017 | Other Voices: Hedge funds manage risk: Opposing view [more]

  By: Richard H. Baker Even in times of pressure, research shows that investors particularly institutional investors such as pensions, foundations and endowments continue to use hedge funds as tools to help meet their unique financial and risk management needs. This is especially true in the

• 08. Feb. 2017 | Other Voices: Institutionalisation has secured the future of hedge funds, but industry must further evolve [more]

  From Christen Thomson, Citigate Dewe Rogerson: Reading some of the mainstream financial press, you would be forgiven for thinking that the hedge fund business model is dead. One august news organisation headlined one particularly gloomy story, "The Golden Era of Hedge Funds Draws to a Close With

• 06. Feb. 2017 | Other Voices: Best investors are good storytellers while great investments are good stories [more]

  By Alex Gavrish, Etalon Investment Research . Alex Gavrish explains why best investments are just like good stories or movies: with three-part structure, important turning points, intrigue, drama, and surprises. Over past few year

• 24. Jan. 2017 | Other Voices: Analyst Ratings and the Institutional Imperative [more]

  John Huber from Saber Capital Management writes on Harvest Exchange: Buffett talks a lot about the concept he calls the "institutional imperative". In his 1

• 20. Jan. 2017 | Other Voices: Five Rules for Interviews in a New Media Era [more]

  By: Thomas Walek President-elect Donald Trump's precedent-shattering approach to press relations has set a new tone in the media. Executives and business leaders from all industry sectors who sit for interviews should know that they will now face a more aggressive "and defensive&quo

• 05. Jan. 2017 | Other Voices: Boards of Directors at Public Companies - A Tribute to Ralph Whitworth and Gentleman Activism [more]

  Ryan Morris, President at Meson Capital Partners, writes on Harvest Exchange: The term activist investor is by no means a uniform character, there are as many

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NASDAQ 100 Index – Daily

Near Term Trend: Neutral

Friday’s Close: 5,651.56 (+25.45)

UPDATE:
Last week, I gave an upside target for NDX of 5858 and a pullback target of 5350 – 5354. NDX got as high as 5724 before Wednesday’s decline.

I still see NDX upside to either 5796 or 5996. However, we could see a pullback prior to rallying up there. I would sell rallies to 5700 and cover / buy down at 5316. Honor stops on shorts on any daily close above 5700.

I would buy down at 5316 and look to sell at 5796.