After yesterday’s bloodbath in stocks, energies, commodity currencies, and resulting rallies in bonds, the swiss franc, and gold – here is a peek at how several of the managed futures programs we follow have performed thus far in August through yesterday (these are estimates only, and may not reflect all trades done to offset positions, etc).

By and large, the results are in line with what we would have expected. Option sellers (who make money by betting against volatility) have predictably struggled, while systematic multi-market traders have managed to latch onto the emerging trends (yet haven’t exploded to the upside – they will need the downtrend to continue for that).  By and large, they are doing better than famed hedge funder John Paulson who continues to see significant losses.

Today’s rally is giving some respite to those who the sell off was going against, but given that Gold is continuing to soar, we’re questioning whether the lows are in, or if this is just a “dead cat bounce“.