Data Point

OK
Just a little pin prick
--Pink Floyd

The endgame in leveraged markets is "risk off." This does not mean rotation out of stocks and into bonds. It means selling of all risk assets. Carry traders closing out projects by selling risk and covering their borrows.

Last Friday was the first day in a while where we had significant moves lower in both stocks and bonds. One tiny data point to be sure, but this is what the beginning of risk off looks like.

Also wanted to note that for the first time in seven years, Fleck has been aggressively short.

position in SPX