Correlations closed the week at .37 floating in the low range.

Volatility is the lowest in a long time, and contango remains high.  It remains expensive to own volatility.

The notable development this week was a rapid change in liquidity across S&P500 stocks.

While the chart shows a number of false positives the signal has preceded some historic events and want to turn more cautious over the next month.

Thanks and have a great week.