I do not have a good read here...

Just a quick one:

The pullback we have is not a real healthy one in my view. I am carefull here!

+ There are only 25 higher beta Industry groups (out of 65!) outperforming the SPY right now (>30-40 would be nice, but not the case!). High beta is still leading, defensives are really weak here (which is good, otherwise I would be really bearish).

SVIX lost relative strength.

A ton of trash names rallied and get beaten down now.

New highs new lows still look fine.

I am not sure, if this turns around, but my best guess is the easy money is gone for a while.

Small cap value momentum still strong:

I have to admit, I do not have a good read on this market, but when in doubt, I am better careful.

I wanted to lift my shorts on a pullback, but not into this one! I am back to a 25% hedge ony my long book and will go day by day.

Best Regards and all the best.

Andreas

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