{"id":8290,"date":"2023-12-07T12:15:00","date_gmt":"2023-12-07T17:15:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/uncategorized\/have-stock-traders-front-run-santa-claus\/"},"modified":"2024-01-11T16:30:01","modified_gmt":"2024-01-11T16:30:01","slug":"have-stock-traders-front-run-santa-claus","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/macro\/have-stock-traders-front-run-santa-claus\/","title":{"rendered":"Have Stock Traders Front-Run Santa Claus?"},"content":{"rendered":"\n<p><a href=\"https:\/\/ibkrcampusdev.wpengine.com\/campus\/traders-insight\/securities\/macro\/hey-mr-market-tell-me-what-you-want-what-you-really-really-want\/\">Yesterday we highlighted<\/a> just how rapidly the market has adjusted its expectations for rate cuts.&nbsp; We pointed out that in the aftermath of the last FOMC meeting, Fed Funds futures were pricing in a high likelihood for a 25-basis point cut by June and three 25bp cuts by December, but we are now pricing in a high likelihood for a rate cut as early as March and five cuts by the end of 2024.&nbsp; Our assertion was, and is, that while equity investors are enamored with the prospect of a soft landing for the economy, the bond market is pricing in something much worse.&nbsp; We\u2019ve updated yesterday\u2019s table with this morning\u2019s data, though the changes are quite modest:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"404\" data-src=\"https:\/\/ibkrcampusdev.wpengine.com\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture1-8-1100x404.png\" alt=\"Fed Funds Futures Expectations\" class=\"wp-image-8292 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture1-8-1100x404.png 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture1-8-700x257.png 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture1-8-300x110.png 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture1-8-768x282.png 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture1-8.png 1294w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/404;\" \/><\/figure>\n\n\n\n<p>Even though this morning\u2019s Continuing Jobless Claims were much lower than expected, coming in at 1.861 million against a 1.91 million consensus, there was little to dent the belief that aggressive rate cuts would be coming soon.&nbsp; Even though the recent persistence of elevated continuing claims was seen as a sign that the labor market is cooling, a one-week hiccup was insufficient to change the market\u2019s thesis ahead of tomorrow\u2019s employment report. &nbsp;We\u2019ll know if that changes by this time tomorrow.<\/p>\n\n\n\n<p>Popular volatility measures highlight the different lenses through which stock and bond traders view the market landscape.&nbsp; Although the historical correlation between the Cboe Volatility Index (VIX) and the ICE BofA MOVE Index (MOVE) is not particularly high on a long-term basis, they have been moving largely in tandem since the resolution of March\u2019s banking crisis.&nbsp; That is, until this month began.&nbsp; Notice how MOVE has been climbing steadily in recent sessions even as VIX languishes:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-line-chart-since-march-31-st-move-white-vs-vix-blue\"><strong><em>Line Chart Since March 31<sup>st<\/sup> \u2013 MOVE (white) vs. VIX (blue)<\/em><\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"543\" data-src=\"https:\/\/ibkrcampusdev.wpengine.com\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture2-2-1100x543.png\" alt=\"Line Chart Since March 31st \u2013 MOVE (white) vs. VIX (blue)\" class=\"wp-image-8291 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture2-2-1100x543.png 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture2-2-700x345.png 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture2-2-300x148.png 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture2-2-768x379.png 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture2-2-1536x758.png 1536w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2023\/12\/Picture2-2.png 1678w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/543;\" \/><\/figure>\n\n\n\n<p><em>Source: Bloomberg<\/em><\/p>\n\n\n\n<p>At the risk of sounding flippant, bonds are showing nervousness about the economy and the path of rates, while stocks are simply content that they&#8217;ve been going up.&nbsp; Bonds seem to be recognizing that we have some important events that could induce some significant volatility \u2013 the aforementioned payrolls report and next week\u2019s FOMC meeting.&nbsp; Stock traders seem quite content to look past these \u201cknown unknowns\u201d and seem unwilling to jinx the likelihood of a \u201cSanta Claus\u201d rally.&nbsp; Perhaps it is the case that we already saw the bulk of that rally already, meaning we front-ran Santa.&nbsp;<\/p>\n\n\n\n<p>And Goldilocks can turn into the Grinch if Chair Powell decides next week that he is unhappy with the aggressive rate cut assumptions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stock traders seem quite content to look past the &#8220;known unknowns&#8221; of the employment report and FOMC meeting and seem unwilling to jinx the likelihood of a &#8220;Santa Claus&#8221; rally. <\/p>\n","protected":false},"author":4,"featured_media":8293,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[145,146,147,8,12,153,148,7],"tags":[291,748,383],"contributors-categories":[149],"class_list":{"0":"post-8290","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-stocks","13":"category-text-articles","14":"category-traders-insight","15":"tag-macro","16":"tag-santa-claus-rally","17":"tag-stock-market","18":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - 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