| Recent Program PerformanceTrading activity remains subdued, with limited success, as intraday market volatility continues to be low. The S&P and Nasdaq have reversed their previous downtrends and are now trending higher. While this shift signals strength in the broader market, it presents challenges for intraday trading, as sustained upward moves often come with reduced tradeable volatility.This period has been particularly difficult for systems traders, as the market has undergone two significant regime changes since March—an uncommon occurrence that necessitates time for models to adjust and recalibrate.Overnight strategies posted a gain of 1.8%, helping to partially offset intraday losses. However, they missed capturing the month’s most substantial move, which triggered our risk management stop before sharply reversing and rallying.While the SG CTA Index is down 7.41% year-to-date, Soaring Pelican has held up relatively well by comparison. That said, we are focused on recovering recent losses in the near term.https://wholesale.banking.societegenerale.com/en/prime-servi... |
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