Tools
The tools we run the book with
The monitoring, the regime classification and the live data pipeline behind them are proprietary and built in house. Four of the tools are open to you. Drive them yourself.
- Today
- Alpha Opportunity
- VIX
- 16.75
- Environment
- Normal
- Updated
- 9:52 AM PT
Market conditions
Market Weather System
The Market Weather System functions as a market GPS. It helps portfolio managers and investors get a fix on where the market is and what the conditions are, as a jumping-off point for decisions about where we go next. It is not meant to predict; it tells you exactly where you are right now: regime, environment, breadth, risk appetite and threat level in one panel, refreshed every 60 seconds.
Today’s regime
AO
Alpha Opportunity
SPY +0.52%
Environment
Normal
VIX 16.8
Breadth
NARROW RALLY
Large caps leading, rest lagging.
SPY +0.52% RSP +0.36%
Selective strength -- mega-cap driven.
PB density (20D)
10%Risk appetite
RISING TIDE
All assets advancing — broad inflows across risk and safety
IWM +0.39 HYG +0.16 TLT +0.16
Broad demand — watch for reversal if driven by positioning
Sectors
- Tech+1.7
- Indust+0.9
- Utils+0.6
- Fins+0.6
- Discr+0.4
- Matls−0.1
- Energy−0.3
- RE−0.4
- Staples−0.6
- Comm−0.7
- Health−0.9
Updates every 60s during market hours
weather-system →- Alpha Opportunity probability
- 77%
- Storm Center
- Live on FlightDeck
Behind the panel
Behind it sits the Storm Center, which identifies what kind of market stress is most likely under way by matching recent trading days against 26 years of history. Its storm level is on the live Weather System.
Selection analysis
Alpha Decomposition
A full regime decomposition for almost any U.S.-listed ticker, and how a name scores for alpha potential. Grade almost any U.S.-listed ticker, or a portfolio of them, on the days that count: how it behaved on Alpha Opportunity days, when selection is measurable, and on Pure Beta days, when the market decides. This is where the alpha lives. U.S.-listed tickers only; we do not handle foreign tickers, including OTC ADRs.
Stress testing
Scenario Replay
Run almost any U.S.-listed ticker, or today’s holdings, through historical crises and see projected drawdown, the density of Pure Beta days, and months to recovery. Put today’s holdings through the worst of it. U.S.-listed tickers only; foreign tickers, including OTC ADRs, are not handled.
Sector leadership
Sector Rotation
A relative rotation view of the eleven sectors against RSP, the average stock, which is how we measure selection: which are leading, weakening, lagging and improving, and what that means for stock-picking conditions.
What it is saying now
- vs RSP
- Risk-on rotation building: cyclicals turning up off relative weakness while defensives fade. Constructive. Tilt is pronounced.
- Breadth
- Broad participation underneath; the average stock is rotating cyclical while cap-weight has not confirmed.
- Alpha
- NORMAL. Median dispersion 8.9%, widest Health/Energy, tightest RE/Utils. Selection and the sector call carry similar weight.
Reading the graph
The bubble is where a sector trades now; the chevrons trail from where it closed last week and point the way to now. A sector outperforming RSP edges up and to the right, and the bubbles are redrawn from FlightDeck’s live feed, at most a minute old, each time this page loads during market hours.
last week’s closenow
- Leadingstrong and rising
- Weakeningstrong but cooling
- Laggingweak and falling
- Improvingweak but rising
What it is saying now
- vs SPY
- Cyclicals behind with defensive strength fading; churn without leadership.
- Breadth
- Broad participation underneath; the average stock is rotating cyclical while cap-weight has not confirmed.
- Alpha
- NORMAL. Median dispersion 8.9%, widest Health/Energy, tightest RE/Utils. Selection and the sector call carry similar weight.
Reading the graph
The bubble is where a sector trades now; the chevrons trail from where it closed last week and point the way to now. A sector outperforming SPY edges up and to the right, and the bubbles are redrawn from FlightDeck’s live feed, at most a minute old, each time this page loads during market hours.
last week’s closenow
- Leadingstrong and rising
- Weakeningstrong but cooling
- Laggingweak and falling
- Improvingweak but rising
Weekly relative strength, normalized over the last ten weeks, from FlightDeck’s sector-rotation feed. The bubble sits where FlightDeck’s own map puts it: the feed’s latest reading moved by the sector’s live change against the benchmark, by FlightDeck’s own rule. “What it is saying now” is FlightDeck’s own read, made by its rules from the same feeds. Bubble size is the dispersion of each sector’s S&P 500 names over ten weeks: a read on how much room there is to pick, not a buy signal.
On the backstage tour
What the tour shows that this site does not
The four tools above are open to anyone. What the tour shows, and this site does not, is a custom-designed cockpit that helps portfolio managers understand whether we are performing within expectation or need to take action. During the tour, we will show and explain all the aspects of our command center and how we use different tools to monitor risk and performance, running live, including:
- The command center, the live operations view the team runs the book from.
- The daily market summary
- Telemetry readings
Backstage tour
See it running live
A live screen-share of FlightDeck with Mark Tennenbaum, CIO: the command center driven in real time, how today’s market is classified and what the book does about it, and the record with the tests behind it.