Summer Tinder

Hot summer streets
The pavements are burning
I sit around
Trying to smile
But the air is so heavy and dry
--Bananarama

As the curtain raises on summer break, can't help but wonder whether markets will make it to the other side. To be sure, central banks are pumping by the trillion$ ans major US indexes are tickling new highs. But marginal gains per dollar printed seems to be declining.

Moreover, leverage is also at all time highs, raising the chances of an accident somewhere in the system.

Gobs of tinder vulnerable to a hot summer spark.

position in SPX