CH. Résia Letter — 2026-11-12
CH. Résia Letter
Premium Daily Market Intelligence — November 12, 2026
Institutional-style macro and cross-asset briefing generated from the Bayesian market stack.
1. Executive summary
What matters today
- S&P 500 fell 1.61% over one month, with a 86% risk-off posterior.
- Nasdaq rose 1.60% on the day, with model volatility at 31.4% annualized.
- USD/KRW fell 0.20% on the month to 1,336.61 — a firmer won that eases the external backdrop for Korean risk assets.
- Rates are still the macro stress point: the U.S. 10-year yield sits at 5.00% with Moderate vol conditions.
- Near-term Bayesian forecast stays defensive: SPX ▲, US10Y ▲, Gold ▼, USD/KRW ▼, Oil ▲.
- Single-name opportunity remains selective rather than broad: top-ranked long is EXR with score 0.808 and 72.6% 20-day upside probability.
House view
The macro tape still favors selective exposure over broad beta. Risk-off probabilities remain elevated across equities and rates, while FX pressure and high rates volatility keep the overall regime restrictive.
2. Visual dashboard
The matrix above is the fastest read on the system: posterior regime conviction is still skewed toward defense, while current volatility remains too elevated to support a clean risk-on chase.
3. Cross-asset scoreboard
| Asset | Last | 1D | 1W | 1M | Regime | Volatility |
|---|---|---|---|---|---|---|
| SPX | 7,619.38 | +1.31% | +3.61% | -1.61% | Risk-Off | High vol |
| NASDAQ | 25,466.19 | +1.60% | +4.73% | -4.67% | Risk-Off | High vol |
| KOSPI | 5,239.13 | +4.39% | -7.82% | -12.81% | Risk-Off | Moderate vol |
| KOSDAQ | 667.61 | +4.48% | -6.62% | -18.97% | Risk-Off | High vol |
| US10Y | 5.00 | +0.30% | +3.33% | -1.79% | Risk-Off | Moderate vol |
| USDKRW | 1,336.61 | -0.54% | -0.26% | -0.20% | Transition | Moderate vol |
| Gold | 3,994.30 | -0.89% | -2.90% | -4.22% | Risk-Off | Moderate vol |
| Oil_WTI | 86.42 | +0.44% | -4.53% | -11.79% | Risk-Off | High vol |
SPX is higher on the day, Nasdaq is higher, and USD/KRW remains in a balanced but still fragile transition state.
4. Bayesian regime & forecast read
One-day directional bias
| Variable | Direction | Forecast return | Uncertainty | Persistence |
|---|---|---|---|---|
| SPX | ▲ | 1.17% | 1.37% | 0.899 |
| US10Y | ▲ | 0.27% | 1.46% | 0.897 |
| Gold | ▼ | -0.80% | 1.98% | 0.894 |
| USDKRW | ▼ | -0.49% | 0.95% | 0.899 |
| Oil_WTI | ▲ | 0.38% | 3.89% | 0.879 |
Dominant cross-effects
- Oil_WTI → SPX: coefficient 0.0052
- Oil_WTI → Gold: coefficient 0.0051
- Gold → Oil_WTI: coefficient 0.0047
5. Equity selection
The stock scanner processed 559 names. Opportunity remains concentrated in a narrow group of resilient names rather than across the market.
Top-ranked longs
| Ticker | Price | Score | P(up 20d) | Bull regime | Ann. vol | 1M |
|---|---|---|---|---|---|---|
| EXR | 159.21 | 0.808 | 72.6% | 89.9% | 20.7% | +15.63% |
| PSA | 335.73 | 0.797 | 69.0% | 90.2% | 21.9% | +13.68% |
| AEE | 113.28 | 0.788 | 62.5% | 95.7% | 17.4% | +9.18% |
| AFL | 127.11 | 0.787 | 62.4% | 94.7% | 16.6% | +7.67% |
| ETR | 111.99 | 0.785 | 62.2% | 94.9% | 16.4% | +7.72% |
Lowest-ranked names
- NVDA (NVDA): score 0.333, 20-day upside probability 35.3%, monthly move -20.02%.
- HUBS (HubSpot): score 0.329, 20-day upside probability 44.1%, monthly move -15.08%.
- DDOG (Datadog): score 0.325, 20-day upside probability 37.2%, monthly move -30.75%.
6. Macro monitor
United States
| Series | Latest | Change | Trend | Date |
|---|---|---|---|---|
| CPI | 337.48 | +0.35% | Uptrend | 2026-10-01 |
| Unemployment | 4.10 | -2.38% | Mixed | 2026-10-01 |
| US10Y | 4.88 | +0.02pp | Mixed | 2026-11-09 |
| US2Y | 4.56 | +0.05pp | Mixed | 2026-11-09 |
| VIX | 19.46 | -2.31% | Mixed | 2026-11-10 |
| DXY | 121.88 | +0.31% | Mixed | 2026-11-06 |
| Initial_Claims | 189,000.00 | -3.08% | Mixed | 2026-10-31 |
| Retail_Sales | 745,021.00 | +0.77% | Mixed | 2026-09-01 |
Korea
| Series | Latest | Change | Date |
|---|---|---|---|
| Policy rate | 3.00 | +0.00pp | 202610 |
| CPI | 120.73 | +0.25% | 202610 |
| Current account | 61,457.50 | +33.28% | 202609 |
7. Digital assets
Bitcoin trades at 73,839.00, Ethereum at 2,054.86, and the sentiment gauge reads 29 (Fear). That keeps crypto tactical rather than strategic.
8. Bottom line
This is still a preservation-first tape. The sellable setup is not broad bullishness but disciplined selection: keep duration of conviction short, prefer names with strong posterior upside and contained volatility, and treat macro rallies as tactical until rates and FX stress materially cool.
Methodology: Bayesian regime switching, stochastic volatility filters, Bayesian VAR, and a cross-sectional stock-scoring model.
Data sources: FRED, ECOS, Yahoo Finance, CoinGecko, and internal processed datasets.
This report is generated from model outputs and formatted into a research product. It is not investment advice.
