Hedge Funds Fled Gold Ahead of the Fed Rate Hike But Didn’t Go Very Far (Kitco.com)
(Kitco News) – Hedge funds fled the gold market in anticipation of the Federal Reserve’s biggest rate hike in 28 years, according to the latest trade data from the Commodity Futures Trading Commission. Although investors quickly unloaded their bullish bets in gold and increased their bearish positioning, some analysts note that sentiment remains pretty neutral. Gold prices remain caught in a trend between support at $1,800 an ounce and resistance at $1,850 an ounce.
Jefferies Hired a Rates Trading MD Who Left a Hedge Fund (eFinancialCareers.com)
In a further sign that rates traders are flavour of the year, Jorge Deza Neira has joined Jefferies’ as a managing director and rates trading. Previously, Deza Neira was a portfolio manager at Millennium and left the hedge fund in December 2021 after a two-year stint. Prior to Millennium, Neira was a government bond trader at Citi and began his career at Santander. It’s unclear whether Neira is based in Madrid or in London. – While his LinkedIn profile states he’s in Madrid, he’s listed on Bloomberg as being based in London, and Neira didn’t respond to a request to comment.
Stock Rally Follows Biggest Hedge-Fund Shorting Binge Since 2008 (Bloomberg)
Who knows why stocks picked Tuesday to surge. But one fact to consider is the immense bout of short selling that went on last week. Hedge funds tracked by Goldman Sachs Group Inc. doubled down on bearish wagers, with the dollar amount of short sales hitting the highest level since the 2008 financial crisis. Similar trends were on display at prime broker units of Morgan Stanley and JPMorgan Chase & Co., where bearish positions increased among clients.
Tuesday 6/21 Insider Buying Report: AFCG, MCHP (Nasdaq.com)
On Thursday, AFC Gamma’s Managing Director, Jonathan Gilbert Kalikow, made a $899,712 purchase of AFCG, buying 57,600 shares at a cost of $15.62 a piece. Kalikow was up about 8.2% on the buy at the high point of today’s trading session, with AFCG trading as high as $16.90 at last check today. AFC Gamma is trading up about 6.2% on the day Tuesday. Before this latest buy, Kalikow bought AFCG on 2 other occasions during the past twelve months, for a total cost of $654,953 at an average of $16.41 per share. And at Microchip Technology there was insider buying on Friday, by CEO Ganesh Moorthy who purchased 8,000 shares for a cost of $57.29 each, for a total investment of $458,301. Microchip Technology is trading up about 3.3% on the day Tuesday. So far Moorthy is in the green, up about 4.5% on their buy based on today’s trading high of $59.88.
Executives Sell Around $12M Of 3 Stocks (Benzinga)
Smart Sand: The Trade: Smart Sand, Inc. (SND) Director Enrique Jose Feliciano sold a total of 2,552,462 shares at an average price of $3.18. The insider received around $8.11 million from selling those shares. Enphase Energy: The Trade: Enphase Energy, Inc. (ENPH) Director Ian Joseph Malchow sold a total of 12,500 shares at an average price of $188.00. The insider received around $2.35 million as a result of the transaction.
