CH. Résia Letter — 2026-08-05
CH. Résia Letter
Premium Daily Market Intelligence — August 05, 2026
Institutional-style macro and cross-asset briefing generated from the Bayesian market stack.
1. Executive summary
What matters today
- Global equities remain under pressure: S&P 500 is down +3.39% over one month with a 96% risk-off posterior.
- Growth leadership is still absent: Nasdaq daily move was +2.59% and model volatility is 28.1% annualized.
- USD/KRW strengthened to 1,425.42, up -5.18% on the month, reinforcing a tighter external backdrop for Korean risk assets.
- Rates are still the macro stress point: the U.S. 10-year yield sits at 4.63% 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 ROKU with score 0.777 and 61.1% 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 | 7,736.52 | +1.79% | +5.75% | +3.39% | Risk-Off | High vol |
| NASDAQ | 26,584.99 | +2.59% | +8.76% | +2.76% | Risk-Off | Moderate vol |
| KOSPI | 6,598.26 | +3.76% | +17.96% | -8.95% | Risk-Off | High vol |
| KOSDAQ | 799.59 | +2.42% | +24.01% | +1.86% | Risk-Off | High vol |
| US10Y | 4.63 | -1.26% | +0.11% | +1.27% | Risk-Off | Moderate vol |
| USDKRW | 1,425.42 | -0.22% | -1.17% | -5.18% | Risk-On | Low vol |
| Gold | 4,226.10 | +3.19% | +3.07% | +2.31% | Risk-Off | High vol |
| Oil_WTI | 76.08 | +0.41% | -8.98% | +5.55% | Risk-Off | Low vol |
SPX is higher on the day, Nasdaq is higher, and USD/KRW remains in a calm but still fragile transition state.
4. Bayesian regime & forecast read
One-day directional bias
| Variable | Direction | Forecast return | Uncertainty | Persistence |
|---|---|---|---|---|
| SPX | ▲ | 1.60% | 1.26% | 0.900 |
| US10Y | ▼ | -1.14% | 1.32% | 0.898 |
| Gold | ▲ | 2.81% | 2.09% | 0.894 |
| USDKRW | ▼ | -0.20% | 0.95% | 0.899 |
| Oil_WTI | ▲ | 0.37% | 4.52% | 0.873 |
Dominant cross-effects
- Oil_WTI → US10Y: coefficient 0.0043
- Oil_WTI → Gold: coefficient 0.0041
- Gold → Oil_WTI: coefficient 0.0034
5. Equity selection
The stock scanner processed 75 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 |
|---|---|---|---|---|---|---|
| ROKU | 147.33 | 0.777 | 61.1% | 95.5% | 12.1% | +5.80% |
| KWEB | 28.89 | 0.774 | 64.9% | 88.4% | 25.8% | +9.39% |
| MELI | 1,888.50 | 0.750 | 56.8% | 94.6% | 25.0% | +4.37% |
| HYG | 79.55 | 0.722 | 48.5% | 96.7% | 3.0% | -0.14% |
| SPY | 771.33 | 0.715 | 56.6% | 84.4% | 13.3% | +3.48% |
Lowest-ranked names
- LAC (Lithium Americas): score 0.366, 20-day upside probability 41.0%, monthly move -13.97%.
- IONQ (IonQ): score 0.365, 20-day upside probability 46.9%, monthly move -7.45%.
- MRNA (Moderna): score 0.364, 20-day upside probability 34.5%, monthly move -22.78%.
6. Macro monitor
United States
| Series | Latest | Change | Trend | Date |
|---|---|---|---|---|
| CPI | 332.57 | -0.42% | 혼조세 | 2026-06-01 |
| US2Y | 4.25 | -0.70% | 혼조세 | 2026-08-03 |
| VIX | 15.86 | -0.81% | 혼조세 | 2026-08-03 |
| DXY | 119.70 | +0.02% | 혼조세 | 2026-07-31 |
| Retail_Sales | 768,553.00 | +0.22% | 상승 추세 | 2026-06-01 |
Korea
| Series | Latest | Change | Date |
|---|---|---|---|
| 기준금리 | 2.75 | +10.00% | 202607 |
| 소비자물가지수 | 119.77 | -0.18% | 202607 |
| 경상수지 | 38,607.40 | +36.46% | 202605 |
7. Digital assets
Bitcoin trades at 64,086.00, Ethereum at 1,867.74, and the sentiment gauge reads 27 (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.
