Today's Exclusives

• Opalesque Exclusive: Napier Park returns Citi's money [more]

  Bailey McCann, Opalesque New York: Napier Park Global Capital, a hedge fund spin-out from Citi has cut just about every tie with its former parent. The fund left its office space at Citi in June, moving further down Park Avenue in New York in to a building shared with Blue Mountain Capital and Pr

• Malta launches its first alternative investment ETF under new Securitization Act [more]

  Opalesque Industry Update - The first Exchange Traded Instrument (ETI) issued under the Malta Securitization Act went live recently on the European Wholesale Securities Market (EWSM). The "Dynamic Trading Strategies ETI" is linked to and backed by a performance linked bond issued b

• AIFMD: Luxembourg received 773 applications from alternative investment fund managers [more]

  Opalesque Industry Update - As of Tuesday (July 22) the CSSF has received a total number of 773 applications submitted according to the law of 12 July 2013 on alternative investment fund managers with a total of 215 requests for authorisation and 558 requests for registration. Following th

Today's Other Voices

• Other Voices: Beware: Hedge funds make calculated bets on your pets [more]

  This article was authored by Alex Gavrish, founder and CEO of Etalon Investment Research, and author of "Wall Street Back To Basics." W

More Exclusives

• 22. Jul. | Opalesque Exclusive: Credit hedge funds continue rally - Millstreet up 3.99% [more]

  Bailey McCann, Opalesque New York: Millstreet Capital Management has posted a positive quarterly return for its credit fund - Millstreet Credit Fund. The fund generated a net return of 3.99% for the quarter, and monthly returns of +1.34% net in April, +1.08% net in May, and +1.52% net in June. Y

• 21. Jul. | Opalesque Roundtable: European corporate credit, distressed, securitization offer hedge funds exciting opportunities [more]

  Komfie Manalo, Opalesque Asia: The European corporate credit space offers "many very exciting opportunities at the moment as a result of the the disintermediation of the credit markets which is happening, however at a very slow pace", said Fabrice Dumonteil, founder and CEO at alternati

• 21. Jul. | Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters [more]

  Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

• 21. Jul. | Opalesque Roundup: Global alternative assets reached $5.7tln: hedge fund news, week 30 [more]

  In the week ending 18 July, 2014, Towers Watson reported that global alternative assets jumped to $5.7tln from $5.1tln over the past year; data from eVestment showed

• 18. Jul. | Opalesque Roundtable: New investors groups turn to European opportunities but need clarification on regulations [more]

  Benedicte Gravrand, Opalesque Geneva: New investor groups like U.S. based pension funds and others have started to discover European opportunities offered by European managers, in sectors as diverse as European equities; European corporate credit and loans; new fields like financial credit or the

• 17. Jul. | Opalesque Exclusive: Icahn, Ackman reunite; Paulson says M&A is here to stay [more]

  Bailey McCann, Opalesque New York: Watchers of the boldface names in the hedge fund industry were treated to an eyeful and an earful at today's Delivering Alpha conference held in New York. Managers ranging from Leon Cooperman to John Paulson each took to the stage presenting their views of w

• 15. Jul. | Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite [more]

  Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

• 14. Jul. | Opalesque Roundtable: European hedge fund incubators see two opportunities from regulations [more]

  Komfie Manalo, Opalesque Asia: Antoine Rolland, the CEO of incubator and seeding firm NewAlpha Asset Management said he sees two main opportunities from new regulations. Speaking at the recent

• 14. Jul. | Opalesque Exclusive: 1900’s new WTI futures strategy revels in short term price moves [more]

  Benedicte Gravrand, Opalesque Geneva for New Managers: Light Sweet Crude Oil (WTI) futures and options are the world's most actively traded energy product, says

• 14. Jul. | Opalesque Roundup: Hedge funds raised $16.9bn in May while mutual funds also become more popular for alternative strategies: hedge fund news, week 29 [more]

  In the week ending 29 July, 2014, BarclayHedge and TrimTabs Investment Research reported that the hedge fund industry took in $16.9bn in assets in May; Som Seif aims to reach $7.5bn in assets for Claymore Investments; and Aston Hill reported some $7.5bn in assets as at end June compared with

• 11. Jul. | Opalesque Roundtable: European family offices struggle to retain their investments in offshore hedge funds [more]

  Komfie Manalo, Opalesque Asia: The European Union’s Alternative Investment Fund Managers Directive (AIFMD) will constrain investment opportunities amidst concern a number of U.S. fund managers will stop marketing their products in the European Union under the new rule, said Valentin Bohländer fro

• 10. Jul. | Opalesque Exclusive: Sporting Ranch Capital looks to phase two [more]

  Bailey McCann, Opalesque New York: Sporting Ranch Capital, an alternative investment firm that focuses on buying ranches and ranch land in need of rehabilitation is closing in on its second fund. Sporting Ranch Capital launched its first fund in 2012, buying up sporting ranches and rehabilitating

• 09. Jul. | Opalesque Exclusive: Ethical value investing fund plans on becoming more active [more]

  Benedicte Gravrand, Opalesque Geneva for New Managers: The manager of a three-year old ethical value investing fund talks about the types of companies he searches, economic moat, value strategies and his activism pl

• 08. Jul. | Opalesque Roundtable: Next financial crisis will be different as fund managers, consultants advise risk management [more]

  Komfie Manalo, Opalesque Asia: The next crisis that will hit the financial markets will be different from what the industry had experienced in the past as hedge fund managers and financial consultants advise risk management to be prepared. Speaking at the latest

More Other Voices

• 02. Jul. 2014 | Other Voices: Tactical alpha and persistence in hedge fund returns [more]

  This article was authored by Andrew Beer, founder of Beachhead Capital Management LLC in New York. A vexing issue with hedge funds is the lack of persistence of returns. Last year’s winners generally are no more likely to be this

• 18. Jun. 2014 | Other Voices: The alpha conundrum: why pension funds struggle to generate consistent alpha through allocation to active managers [more]

  By: Stanley Altshuller, co-Founder and Chief Research Officer at NovusPensions are faced with an ominous future of growing liabilities and declining long-term returns, a trend that could jeopardize a large number of pension funds. The low interest rate environment and stunted expected returns hav

• 10. Jun. 2014 | Other Voices: The right combination of skills for investing in intermediate horizons [more]

  This article was authored by Dr. Vinay Nair, Founder and CEO of Ada Investments, an equities-based investment platform with offices in New York, Mumbai and Rio

• 04. Jun. 2014 | Other Voices: Concentration or diversification: which drives outperformance in actively managed strategies? [more]

  By: Alexander Hart, Senior Research Analyst, Federal Street Advisors With broad equity markets performing exceptionally well over the last five years, there has been much debate over the benefits of active versus passive investment strategies. As strong proponents of fundamental investing, we ha

• 02. Jun. 2014 | Other Voices: The hedge fund fee conundrum [more]

  This article was authored by Andrew Beer, founder of Beachhead Capital Management LLC in New York. By one estimate, the hedge fund industry managed $2.6 trillion in capital at year-end 2013. Many expect growth to accelerate over

• 22. May. 2014 | Other Voices: Factor bubbles [more]

  This article was authored by Dr. Vinay Nair, Founder and CEO of Ada Investments, an equities-based investment platform with offices in New York, Mumbai and Rio

• 16. May. 2014 | Other Voices: The role of psychology, governance and skills in capturing longer term returns [more]

  This article was authored by Dr. Vinay Nair, Founder and CEO of Ada Investments, an equities-based investment platform with offices in New York, Mumbai and Rio

• 09. May. 2014 | Other Voices: Performance drag of alternative multi-manager mutual funds [more]

  This research paper was authored by Andrew D. Beer, Chief Executive Officer, Beachhead Capital and Michael O. Weinberg, Adjunct Professor, Columbia University. The full version can be dow

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CME - S&P 500 INDEX (CASH) Daily

Near Term Trend: Positive
Friday's Close: 1978.22 (+ 20.10)
UPDATE: Lets reiterate - Six weeks ago the Index had settled at 1923.00, and at that time we stated, "It appears investors would invite a test of the almighty 2000 region. Subsequently, the high 2 ½ weeks days ago was 1985.44 (within 15 points of 2000.00). Four days prior to posting the high within 15 points of the 2000 we stated, "The next 15- 25 points may prove to be the most interesting test of the last five years of this Bull run. Subsequently, the market traded up to 1985.44 (25 point rally- within our stated range), and then proceeded to sell off to 1952.86. Therefore we were correct in our assessment.
2000 remains on target, but as we stated prior to this past week, maintaining a daily close above 1952.50 is critical. In light of the Malaysia Airline news this past week – our pivot level at 1952.50 held.