Keeping It Simple in a Messy Tape

As has been the theme for some time, there's been little in the way of actionable trade ideas.

Last week, we had the following message:

As we’ve said before, one of the big characteristics that often differentiates good traders from mediocre ones is the ability to sit out when necessary.

Correlations to weak equities remain highly elevated. We’d like for those to dislocate before getting overly optimistic in the near term.

When it comes time to put money back on the table again, it’ll be obvious. Otherwise, we’ll continue being patient.

Nothing has changed.