Short term correlations closed the week at .75 decreasing by .12.  Long term correlations remain near 1.


The vix curve remains slightly backwardated and overall very flat.

We had a 2 liquidity prints in the past 2 weeks that have been true positives for downside price action.

Thus far, in the light of horrendous news the sell off has been tepid.  We should know early this week whether sustained downside is likely.  For now, we do not think there is evidence that the risk off move is over on an intermediate term basis.

Thanks and have a great week.