Aug 252015
An amazing day for volatility yesterday but turned out to be the mother of all bear traps as I suspected and called early on. The rally ovenight has been helped by China cutting rates. US institutions aren’t ready just yet to jump in with both feet overnight ahead of the economic releases today. While size has led out to the long side their participation relative to the market and their usual footprint has been tepid at best. Longs and shorts should continue to be cautious and expect more volatility
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