Today's Exclusives

• Opalesque Roundtable: France's hidden strengths in AI and machine learning [more]

  Komfie Manalo, Opalesque Asia: All nations offer their strengths and weaknesses, but one that is undisputed is the quality of the French scientists, claimed Guillaume Vidal, co-founder of French technology startup Walnut Algorithms at the

• Parsing Long/Short Equity Liquid Alts Performance, Fees and Net Exposures [more]

  Matthias Knab, Opalesque: Thornburg Investment Management writes on Harvest Exchange: Investors interested in long/short equity mutual fun

• Tarrant: Artificial intelligence will disrupt the hedge fund model [more]

  Komfie Manalo, Opalesque Asia: It had been predicted so often that machines will take over. And now, Protégé Partners founder Jeff Tarrant said he believes as well that artificial intelligence poses a serious threat to equity hedge funds within the next 10 years as machine learning technology be

• AI-based hedge fund brings machine learning investing to masses [more]

  Komfie Manalo, Opalesque Asia: Machine learning-based hedge fund firm Greyfeather Capital is trying to bring artificial intelligence investing to the masses with its plan to expand beyond the limited reach of the alternative investments space. "We're excited to bring AI technology to traditio

Today's Other Voices

• Other Voices: The insidious threat of data mining bias [more]

  Guest article from Kris Longmore, Founder and Head of Quantitative Research at Quantify:In the context of systematic trading research, data mining bias refers to the risk of attributing significance to a result that was in fact due to chance. I refer to it as an "insidious threat" becau

More Exclusives

• 25. May. | Opalesque Exclusive: Young Detroit investor launches quantitative relative value hedge fund [more]

  Benedicte Gravrand, Opalesque Geneva for New Managers: This hedge fund manager may be only 25 years old, but he has been investing since the age of seven, when his father started offering him stocks for his birthday

• 25. May. | Opalesque Exclusive: Investors warm to ESG, but seek standardization [more]

  Bailey McCann, Opalesque New York: Asset managers and asset owners plan to double their investment in Environmental, Social and Governance (ESG) driven strategies over the next two years, according to a survey from BNP Paribas Securities Services. The report, "Great Expectations: ESG - what's nex

• 23. May. | 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

• 23. May. | 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

• 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

More Other Voices

• 17. May. 2017 | 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

• 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

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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.