Hedge Fund Telemetry — Homepage Redesign

The trading day

Four notes, timed to when you actually need them.

Not a firehose. A rhythm you can build a morning around, from pre-market through the close, with the weekend note setting up what matters next.

Pre-market · 7:00

First Call

What happened overnight and what it means for the open. Short enough to read with coffee.

11:00 EST

Mid Morning Note

Actionable read once the open has settled, with trade ideas and DeMark screens.

Midday

Daily Note

All macro markets, with the emphasis on US, European and Asian equities.

Weekend

The Week Ahead

Straight to the point. The catalysts and the focus for the week you are walking into.

Not a sample from 2025

Read the actual note that went out this morning.

Pulled live from today's First Call. It updates every trading day, so what you are reading is what members paid for a few hours ago.

First Call Today, 07:02 EST

by Thomas Thornton

Premarket Price Action

S&P +0.2% Nasdaq +0.5% Russell 2000 +0.2% 10Y −3bp DXY −0.1% Crude +1.1%

US equity futures are firmer after yesterday's reversal off the 5-day VWAP. The Daily Sentiment Index on the S&P closed at 82, the fourth consecutive day above 80 — the zone where I start trimming rather than adding.

DeMark Sequential is on bar 11 of a potential 13 on the QQQ daily. Two more closes and we have a countdown completion into a week that already carries CPI on Wednesday.

Subscribe to keep reading Full note, plus the last 1,094 trade ideas.

Pricing

What it costs, on the page, where it should be.

Straightforward annual pricing. Cancel any time, no lock-in.

887 members · most popular

Private Investors

$500first year

Then $1,000/yr · you save $500

✓ Two daily notes plus the First Call premarket briefing
✓ Trade ideas and tactical market themes
✓ Daily sentiment monitors and charts, 45 markets
✓ DeMark Sequential Combo and the S&P 500 screen
✓ Monthly market and short-interest webinars
✓ Full archive of past reports and notes

Subscribe — $500 first year Billed annually · renews at $1,000

Small Institutions

$2,500/ year

For desks, funds and family offices

✓ Everything in Private Investors
✓ Full access to The Big Picture macro framework
✓ Up to 3 team members
✓ Bloomberg chat room access with Tom
✓ Unlimited direct access for chart and portfolio reviews
✓ Custom DeMark screens, priority response

Book a call with Tom 15 minutes, no pitch

The Big Picture

$250/ year

Add-on to any plan, or standalone

✓ Monthly deep-dive macro reports
✓ Equities, rates, credit, commodities, FX, liquidity
✓ Macro Scoreboard and Market Fragility frameworks
✓ Interim updates on volatility spikes and DeMark triggers
✓ Positioning and crowding analysis

Add The Big Picture Cancel any time

Commodity Notes and Currency Notes are available separately at $500/year each · Quarterly billing available on all plans

Thomas Thornton, founder of Hedge Fund Telemetry

To give you an investing edge

Meet Thomas Thornton.

Founder of Hedge Fund Telemetry. You get unprecedented access to customised research and information from well-known firms and figures in the industry. The goal is to bring you inside the hedge fund world and offer perspectives and insights unlike anything else coming out of Wall Street.

Ten years on the desk at Level Global Investors before that, reading sentiment extremes and cross-asset divergences for a living. Every note on this site is written by him, every trading day.

Ex-Level Global Investors DeMark practitioner CNBC · Real Vision · Bloomberg Writing daily since 2016

Read what he wrote this morning →

"I was fortunate to have Tom as my trader for nearly 10 years. His ability to follow markets and note divergences and extremes across several asset classes was of tremendous value."

David GanekFounder, Level Global Investors

10 yrs

Tom's desk tenure at Level Global

Markets in the Sentiment Index

1,094

Trade ideas published

Daily

Every trading day since 2016

Know what button to push next in the market.