This week was not for the faint of heart as we saw a toxic mix of small, medium, and large geopolitical, macro, and idiosyncratic shocks. Stocks lost a chunk of their value, carry trades blew up in FX, and liquidity all but vanished in many markets, including S&P futures. Let’s go through the big stories one by one. Not in chronological order. More money has been made fading geopolitical news than trading it directionally over the years, and last night’s market clowning was no exception. News dropped that Israel was attacking Iran, and that is obviously scary stuff. The news came out in Asian time, where ... (full story)