Monthly Update, September 2024
View Tearsheets here: PERFORMANCE DETAILS - Soaring Pelican
Click here to view the latest presentation.
Recent Program Performance
All Soaring Pelican programs continue to execute as expected, with overnight trading outpacing intraday trading as volatility dies in the equity markets.
We anticipate intraday trading to pick up with the election results expected in early November as a catalyst. While we do not know the direction of the market, it is clear that volatility will advance as the market grows complacent with recent gains. This movement may manifest as a parabolic move higher, or a sharp movement lower as participants rush for exits.
The Big Picture
US markets are remarkably complacent ahead of the elections. Looking at polling and betting data on the election winner, it is not clear which candidate the market prefers. At the time of this writing, Republicans have pulled ahead significantly which seems to correlate with the lower volatility in the markets.
Our Outlook
Market breadth measures are showing a wide majority of stocks hitting new 52 week highs. All market measures are bullish, the question is whether there is still "fuel in the tank". We have no way of knowing the duration of the trend in the short term, but there is a good chance anxiety around the elections will result in a wave of selling.
Best regards,
Sam Beckers and Dario Michalek
Soaring Pelican, LLC
805-322-7393
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. FUTURES TRADING IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK.
This message is intended for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential, and exempt from disclosure under applicable law. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately and destroy all hard copies and delete the original message and any attachments. Thank you.