Midday Missive

U.S. session risk spreads look worse than the 24 hr sessions.

The spreads look similar to the SPY with a 3 day Island top currently trading into its averages.

A couple non-correlated names like Square saw some inflows.

Not interested in putting on any risk given the Dollar rally.

The long-term Spu P&F will need a 2820 print before I’d consider risk assets.

It’s a time to pare risk/ not add it unless you’re in love with the story.








SPY…closing below 282 would signal more weakness



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