Desk notes, July 2025

The desk notes of Sophos Alpha, an independent quantitative research desk. Daily market notes across many topics, including CTAs, risk parity, vol control and other systematic funds, hedge fund activity and investor sentiment, dealer gamma and liquidity, volatility and tail risk, in equities, rates, currencies and commodities.

July 2025

1 note

14 July 2025

one note

S&P 500 YTD intraday (Cash hours: 9.30 am to 4.00 pm NY time)

Most of the post Liberation Day gains in the S&P 500 have occurred in US trading hours suggesting a predominantly domestic buy-in to the US story while the RoW sits more on the sidelines. $SPX