S&P 500 Net Speculative Positioning in 2015
S&P 500 Net Speculative Positioning opened 2015 at 33,583 and closed at -12,686, a -137.78% move for the year. The high of 33,583 was reached on January 6, and the low of -44,256 on October 6.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 33,583 | 17,857 | 33,583 | 17,857 | -46.83% |
| Feb | 18,898 | 6,747 | 22,570 | 6,747 | -64.30% |
| Mar | 1,247 | -335 | 2,026 | -9,900 | -126.86% |
| Apr | 30 | 3,547 | 3,547 | -146 | +11723.33% |
| May | -5,898 | -5,724 | 5,726 | -5,898 | +2.95% |
| Jun | 2,335 | -22,810 | 2,335 | -22,810 | -1076.87% |
| Jul | -27,026 | -11,341 | -8,872 | -27,026 | +58.04% |
| Aug | -15,743 | -5,601 | -5,601 | -24,209 | +64.42% |
| Sep | -26,553 | -34,740 | -26,553 | -40,770 | -30.83% |
| Oct | -44,256 | -24,373 | -24,373 | -44,256 | +44.93% |
| Nov | -26,122 | -11,601 | -11,601 | -26,122 | +55.59% |
| Dec | -10,232 | -12,686 | -5,030 | -12,686 | -23.98% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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