The Four Macro Regimes — based on Growth, Inflation and Policy
Full Throttle
Growth rising, inflation contained. Best environment for equities — markets tend to trend higher.
Cruise
Growth steady, inflation moderate. Solid but unspectacular — selective opportunities in quality stocks.
Choke ▶ CURRENT
Growth slowing, inflation rising. Company margins compress. Defensive positioning favoured — energy, gold, avoid banks and discretionary.
Stall
Growth falling, inflation falling. Recession risk. Cash and bonds outperform. Maximum caution on equities.

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Upcoming Events
RBA Rate Path

ASX Sector Watch — How Global Events Hit Your Portfolio

Real-time cascade effects from macro events to specific ASX stocks.

Sector Playbook — Where to Be Positioned

Actionable sector tilts based on the current regime. Updated each Sunday with the Macro Throttle.

Sector Signal Why

Scenario Map — What Could Change the Picture

Probability-weighted scenarios for the weeks to months ahead. Plan for multiple futures, not just the base case.

Catalyst Calendar — What's Coming & What It Means

Upcoming macro events with BAM's pre-positioned view. Updated daily at 6am AEST.

Commitment of Traders — Where the Smart Money Is Positioned

Futures positioning data from US exchanges. Crowded trades often reverse sharply — this shows where the risk is building.

What is COT data? The CFTC (US regulator) publishes weekly positioning snapshots of every major futures market. It shows how institutional traders — hedge funds, asset managers, banks — are positioned. Snapshot is taken Tuesday; published Friday. Data is 3 days stale by the time it arrives.

The percentile column shows where current positioning sits relative to the past 3 years. 90th+ = extremely crowded long. 10th or below = extremely crowded short. Extremes don't mean reverse immediately — but they do mean the trade is consensus and the risk is asymmetric.

Why it matters: Crowded trades reverse violently. If everyone is long AUD and bad news hits, the exit is narrow. COT tells you how full the room is before the fire alarm goes off.

Extreme Long (>90th) — Crowded. Reversal risk.
Net Long (55–90th) — Bullish bias building.
Neutral (45–55th) — No strong lean.
Extreme Short (<10th) — Crowded short. Squeeze risk.

Source: CFTC Commitments of Traders report (weekly). Percentile calculated over rolling 3-year window.

Market Positioning Signal What This Means

Credit, Yield Curves & Liquidity

Forward-looking market signals. Credit spreads and yield curves lead hard data by 4–8 weeks. Liquidity drives risk appetite across all asset classes.

ASX Sector Performance vs Regime Signal

How each sector is performing relative to the current BAM regime signal. Green = confirming the thesis. Red = diverging.

Sector BAM Signal Live Day % 1W % 1M % 3M % Regime Alignment
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Active Thesis Watchlist

Live tracking of active macro-to-stock theses. Status updated each Sunday with the Throttle.

Stock Thesis Signal Timeframe Status Entry Context
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ASX XVI — Volatility Gauge

Live ASX volatility index (^AXVI) mapped to the BAM Clean / Cautious / Capitulation framework. Thresholds derived from 18-year backtest (2008–2026). Scale 0–60.

Clean <17 Cautious 17–27 Capitulation 27+

Volatility Outlook — How Nervous Are Markets?

Compares short-term vs long-term fear. When short-term fear exceeds long-term, markets are expecting imminent turbulence.

Last updated: 12 April 2026 · 11:00am AEST

Composite Volatility Signal: ELEVATED
ASX and China showing elevated near-term stress. Expect choppy trading. Consider reducing position sizes or widening stop-losses.

XJO Options — Implied Vol Term Structure

ATM implied volatility across expiries. Front-loaded spike signals near-term event risk. Flat structure beyond = no incremental fear priced in.

Last updated: 13 April 2026 · 11:00am AEST · Spot 8,926

ATM Implied Volatility by Expiry

XJO Vol Term Structure

■ Lime columns = ±expected move (straddle/spot)  ·  Line = ATM implied volatility

Term Structure Data

Expiry Days Straddle ±Move ATM IV Skew
16 Apr3d130.5pts±1.46%20.2%−0.6%
21 May38d357.5pts±4.01%15.5%+2.6%
18 Jun66d469.5pts±5.26%15.5%+2.1%
16 Jul94d564.5pts±6.32%15.6%+2.4%
20 Aug129d664.0pts±7.44%15.6%+3.2%

What This Means

Front-loaded spike. Front expiry IV (20.2%) is elevated versus the 15.5% flat structure beyond. AU Employment data tomorrow (16 Apr) is being priced as the vol catalyst. Strip that out and the market is calm through August.

Skew: Consistent put skew across expiries (avg +2.6%) — sustained demand for downside protection. Participants are hedging, not speculating.

ASX 50 — Daily Volatility Ranges

Asymmetric bands · 90% containment target. Buy Trade = lower boundary. Sell Trade = upper boundary. Zone = where today's price sits. ★ = high-conviction extreme (Pos% ≤10% or ≥90%).

Last updated: 13 April 2026 · 6:30am AEST

Code Name Trend Close Chg% Buy Sell Zone Pos%
TCLTransurbanBEARISH$13.67-1.87%$13.61$14.23★ BUY30%
ASXASX LimitedNEUTRAL$58.71+2.19%$55.03$59.87SELL65%
ALLAristocrat LeisureBEARISH$47.47+0.13%$45.53$49.29HOLD51%
ANZANZ BankNEUTRAL$38.84+0.23%$37.29$40.07HOLD54%
APAAPA GroupBULLISH$9.99+0.71%$9.71$10.16HOLD55%
BHPBHP GroupNEUTRAL$53.98-1.06%$51.38$57.74HOLD45%
BXBBramblesNEUTRAL$23.27-1.06%$22.84$24.20HOLD41%
CBACommonwealth BankBULLISH$183.38+0.47%$176.06$188.38HOLD56%
CHCCharter HallBEARISH$20.17+1.05%$18.81$21.04HOLD57%
COLColes GroupBULLISH$22.40+0.67%$21.58$22.86HOLD57%
CPUComputershareBEARISH$29.28+0.31%$28.01$30.37HOLD52%
CSLCSL LimitedBEARISH$139.19-0.74%$134.42$146.04HOLD46%
CWYCleanaway WasteBEARISH$2.36-0.42%$2.25$2.49HOLD48%
FMGFortescueNEUTRAL$20.26-1.32%$19.38$21.68HOLD44%
GMGGoodman GroupBEARISH$27.97+0.54%$26.32$29.26HOLD54%
IAGInsurance AustraliaBULLISH$7.21+0.84%$6.88$7.42HOLD54%
IELIDP EducationBEARISH$3.99+0.50%$3.69$4.25HOLD51%
IFLInsignia FinancialBULLISH$4.770.00%$4.71$4.83HOLD50%
ILUIluka ResourcesBULLISH$7.43-0.13%$6.78$8.10HOLD50%
JBHJB Hi-FiBEARISH$75.21-0.67%$71.33$79.69HOLD50%
JHXJames HardieBEARISH$29.09+0.62%$26.83$30.99HOLD52%
LFGLiberty FinancialBEARISH$3.44-0.29%$3.31$3.59HOLD48%
MGRMirvac GroupBEARISH$1.73+0.87%$1.65$1.78HOLD57%
MINMineral ResourcesBULLISH$57.98-0.41%$52.33$63.88HOLD50%
MPLMedibank PrivateNEUTRAL$4.52+1.57%$4.28$4.62HOLD60%
MQGMacquarie GroupNEUTRAL$225.00+0.50%$210.80$235.74HOLD55%
NABNABBEARISH$45.36-0.31%$43.51$47.16HOLD52%
NEMNewmont CorporationNEUTRAL$167.80-0.55%$154.28$185.43HOLD45%
NHCNew Hope CoalBULLISH$5.18-2.63%$4.75$5.98HOLD38%
NSTNorthern StarBEARISH$24.48+0.04%$20.68$28.85HOLD46%
ORGOrigin EnergyBULLISH$12.38+0.24%$11.86$12.92HOLD48%
ORIOricaBEARISH$21.49+0.42%$19.74$23.06HOLD52%
PMEPro MedicusBEARISH$126.92-0.36%$114.51$138.11HOLD54%
QANQantasBEARISH$9.19+1.10%$8.31$9.87HOLD54%
QBEQBE InsuranceBULLISH$22.46-0.49%$21.98$23.16HOLD47%
QUBQube HoldingsBULLISH$5.00+0.20%$4.91$5.07HOLD52%
REAREA GroupBEARISH$158.36-0.58%$149.74$167.91HOLD50%
RHCRamsay Health CareBULLISH$39.77-1.54%$38.48$42.30HOLD43%
RIORio TintoNEUTRAL$171.23-0.31%$162.45$181.07HOLD48%
RMDResMedBEARISH$32.28-1.22%$31.48$33.88HOLD43%
S32South32NEUTRAL$4.63+1.09%$4.21$4.95HOLD54%
SGPStocklandBEARISH$4.12+1.23%$3.94$4.19HOLD62%
SHLSonic HealthcareBEARISH$19.77-0.50%$18.93$20.80HOLD48%
STOSantosBULLISH$7.90-0.63%$7.64$8.31HOLD43%
SUNSuncorp GroupBULLISH$16.18+1.19%$15.43$16.55HOLD58%
TLSTelstraBULLISH$5.410.00%$5.31$5.51HOLD50%
WBCWestpacNEUTRAL$42.77+0.28%$41.07$43.96HOLD57%
WDSWoodside EnergyBULLISH$33.28-0.15%$30.88$36.17HOLD46%
WESWesfarmersBEARISH$76.32-0.26%$74.30$78.65HOLD49%
WOWWoolworthsBULLISH$36.83-0.94%$35.76$38.52HOLD48%
WTCWiseTech GlobalBEARISH$37.63-2.56%$33.95$42.44HOLD50%

Inflation Pipeline — What's Coming for Consumer Prices

Commodity price surges flow through to consumer inflation in waves. Here's what's already in the pipeline for Australian CPI.

Energy Costs
+35.9%
Hitting NOW
Shipping Costs
+23.5%
2-4 months
Fertilizer Costs
+11.3%
3-6 months
What this means for AU CPI: Three separate inflation waves are hitting simultaneously. Energy is already at the pump. Shipping costs will show up in imported goods prices over the next few months. Fertilizer feeds into food prices with a longer lag. This is why we're calling it stagflationary — growth is weak but prices keep rising.
STAGFLATIONARY

Research Reports

Daily and weekly intelligence published by Broadacre Macro.

Latest
Macro Throttle
Weekly deep-dive on regime, positioning, and sector playbook. Issue #005 — 5 Apr.
Archive coming soon
AM Snap
Pre-market briefing. Key overnight moves and what's driving the open.
Archive coming soon
Midday Brief
Intraday update. Morning movers and lunchtime flows.
Archive coming soon
Crab Pot
Weekly contrarian setups. Crowded trades and mean-reversion opportunities.

The GIP Model — Broadacre Macro classifies the macro environment using a Growth, Inflation, Policy (GIP) framework across three layers: Australia, United States, and China.

Four regimes: ♠ Full Throttle (growth rising, inflation contained) → ♥ Cruise (steady growth, moderate inflation) → ♦ Choke (growth slowing, inflation rising) → ♣ Stall (recession risk).

What we measure: Growth signals (GDP, employment, business confidence), inflation signals (CPI, PPI, ISM Prices Paid, commodity cascades), policy signals (central bank rates, meeting stance, market-implied probabilities), and forward-looking signals (yield curves, credit spreads, global liquidity).

Scenarios: Each issue includes three scenarios — BASE CASE (most likely), WATCH (plausible alternative), and TAIL (low probability, high impact). Reviewed for internal consistency before publication.

Data sources: FRED (Federal Reserve Bank of St. Louis), ABS, RBA, ASX, BIS, CFTC. All public, no paid terminals.

General information only. Not financial advice. Broadacre Macro (BAM) Pty Ltd is a Corporate Authorised Representative under AFSL. Past performance is not a reliable indicator of future performance.

Broadacre Macro (BAM) Pty Ltd — Premium Australian Macro Intelligence
Data sources: FRED, ABS, Yahoo Finance, CFTC, Trading Economics, RBA, ASX. Not financial advice. AFSL required for personalised recommendations.