Macro Ops

• A Multi-Decade Breakout ↗ Macro Ops closed its ultra bond short and shifted attention to agriculture, citing a historic compression breakout, the Commodity Relay and potential El Niño-driven supply shocks. The portfolio remains long precious metals, selected currencies, corn and wheat, while adding First Trust Natural Gas ETF after its technical breakout. Q3 2026 —
• A Multi-Decade Breakout... ↗ Macro Ops closed its Ultra Bond short after Treasury signaled opposition to higher long-end yields and shifted attention to agricultural commodities. The portfolio is buying agriculture and natural-gas exposure, citing a long-term agricultural breakout, a potential extreme El Niño, and the commodity-cycle rotation from precious metals through energy. Q3 2026 —

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