Michael McFly

since when is NOT trading a violation?? one of my students just got 3 accounts shut down by @FFNFunding. 2 of them funded, one in profit. he didn't blow anything, didn't break a single drawdown rule the reason? their "dormancy" rule. less than 3 trading days in 29 days and your account is gone dormancy. like a bank account nobody has touched in 10 years. except this guy was there, watching the market, waiting for his setup. he runs his own company, has a day job on top of that, and he only trades when it's clean. which is exactly what I teach him no setup, no trade. that's not dormancy, that's discipline and think about it for 2 sec. when he doesn't trade, FFN takes zero risk. zero. a funded account sitting flat costs them nothing. so what is this rule protecting exactly? the only thing it does is push people to click buttons for no reason. and who wins when you overtrade? not you when he pushed back, support literally told him "I'm just the customer service guy, I'm just following policies" so it's simple @FFNFunding. either you explain how being patient hurts you, or you refund him. you can't keep the fees AND close the accounts for doing nothing wrong @PhidiasPropfirm @DojiFunding curious how you guys handle this. would you ever close a funded trader for being patient?

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Les gens apprennent chez nous et se régalent. Fabrice qui est là depuis plus d’un an par exemple, a appris à trader en spreads et en options. Il se régale. Vous avez l’embarras du choix sur les formations. Faites un tour un tour chez nous. Vous ne serez pas déçus si vous bossez.

Un autre de nos fidèles étudiants rejoint l’un des plus importants desk Delta One interdealer au monde. Chez nous, il a pu accroître ses compétences sur les dérivés et la volatilité qui lui serviront pour son job chez ce LP. Félicitations à lui. N’hésitez pas à nous rejoindre pour vraiment apprendre.

Sumitomo Mitsui DS Asset Management (SMDS AM) ont bien liquidé l’intégralité de leurs avoirs en obligations d’État françaises. Le montant exact n’a pas été divulgué. (sortie complète, confirmée le 2 octobre 2026.) Les produits de la vente ont été réalloués vers des Bunds allemands et des obligations d’État japonaises à court terme. Des hedge funds (Taula, Balyasny) auraient aussi dénoué des carry trades sur la dette française. Nissay AM juge les obligations françaises difficiles à acheter même à bas prix, mais n’a pas pris de décision ferme de vendre.

Сигма бой вернулся, и вы его знаете.

Start with the wall. 7.69 trillion of Treasuries roll this year. Most of the bulk is already done, but the real point lands November 4 with the quarterly refunding. Nudge the coupon auction sizes even a little and you have just told the market the weight is going up. Then 2027, 6.42 trillion, the peak rollover year, full exposure. 2028 is the first year you get real relief at 3.98 trillion. And you are running a deficit near 6% of GDP, so fresh issuance keeps stacking on top of the rollover. No pause button. Now the price of carrying it. The 10Y printed 5.30% today, the highest in 24 years. The 30Y sits at 5.64%. What should worry you is the speed. The 10Y is up 108 basis points in six months and it accelerated into quarter end. Every basis point you add is a bigger interest bill on that 7.69 trillion, and there is no arguing with that math. The buffer that used to smooth all of this is gone. The RRP, your parking lot, is down to 11.5 billion from a 105.9 billion peak, drained 76.5%. That was the shock absorber in the system, and it is empty. Fed funds back at 4% after hiking again in September, balance sheet barely shrinking at 6.75 trillion. Nothing left in the pipes to soak up a bad auction. Then the buyers. Foreign holdings peaked at 9.49 trillion in February and have bled to 9.25 trillion, 240 billion out in seven months, and the trend turned negative right when you need them most. The marginal foreign bid is not showing up. Put Brent up 42% on the quarter on top and the inflation picture you were leaning on thins out too. So here is the setup into November 4. A record maturity wall rolling at the highest yields in a generation, no buffer left, foreign demand fading, and one discrete event that can only add weight. $TLT $TNX $ZB_F $DXY $CL_F À nos étudiants : C’est un trader qui est derrière 😂

$QQQ is sitting precisely on its gamma flip level (739–740). A break below 730 would push dealers into a deeply negative gamma zone, potentially amplifying any sell-off. $NDX shows a net call-gamma-heavy profile in the near-spot range. Dealers are net long gamma above spot, which tends to dampen volatility as they sell into rallies and buy dips. But be cautious with pension funds rebalancing, as mentioned last week right here.

Told you 😉

Les données de l’UFIP le confirment. Achats paniques suivis de violents pullback Facile à vérifier 😉 @bfmbusiness

Et encore plus de hausses des taux à venir aux US. Surchauffe de la demande

At the next rebalancing in a few weeks, insurers and pension funds will probably reduce risk asset exposure to add duration. Enjoy

Et il y a des gens qui écoutent ces conneries… Même si, il fut un temps où le pétrole était consommé brute comme médicament, aujourd’hui on consomme des produits raffinés et non du brute. De plus, la baisse de notation de l’Etat Français profitera à $TTE (voir graphique).