Risky assets; Buy ém all - yield and leverage rules, at least til the Pittsburg G20. Expect profittaking ahead of it though.

* CHF - time for some SNB intervention?

Regular SNB meeting today. With the Swiss TWI at the high end of the last six month range and the current market speculative long CHF positioning at the ditto for the last four years, variables are certainly in line for a successful round of intervention.

Even without intervention, a squeeze looks increasingly likely. In any case, I have ventured long both in cash and via options in Eur/Chf.


*Risky assets are continuing to move higher, driven by yields and leverage due to low yields.
The misallocation in process is massive. Til further notice, this is the game in town. However, many of these assets are increasingly looking crowded and overbought, increasing the risks for squeezes from here. especially as the Pittsburg G20 is approaching.

*New positions and positionchanges
- T/P on my long NCC stock, the realestatedeveloper, after a 5% move in 3 days.
- Bought Eur/Chf spot and Eur Calls/Chf puts


As usual, good luck




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