Offsides Macro
· Offsides Macro
· May 10, 2026 at 16:03
· ⏱ 1 min read
| Read on Substack ↗
Summary
The newsletter provides a weekly update on positioning data across equities, rates, FX, commodities, and Bitcoin, highlighting notable dispersion in equity indices and continued momentum in rates and FX. It also announces the transition of the full analytics platform to subscriber access from May 15.
•Equity positioning shows significant dispersion: S&P and Russell in upper quartile, Nasdaq in lower extreme territory.
•Rates: 10-year yields positioned above neutral; Long Bond exits lower extremes with momentum.
•FX: USD positioning remains in upper quartile; JPY just outside lower extremes after intervention.
•Metals: Gold in lower extreme, Silver in lower quartile; Energy (WTI) positioning stays in upper quartile with net-selling momentum.