Postcards: Part I: Apple… the Indestructible…

Let's not get bent out of shape about this selloff. It's risk culling at its finest.

Market Update: In last weekend’s piece, I noted that CTAs were likely to start selling this week, according to a Goldman Sachs (GS) chart. We’ve been advising hedges for a solid month - and volatility is starting to get spicy. But this wasn’t a severe event - and markets are simply cutting risk after a very lofty Q1 and Q2. There’s more Fed and Treasury experimentation ahead, and we’re paying close attention to see if oversold conditions (that are pending) will deliver a significant squeeze. Be ready to put money to work. We’re RED across the board, as we explained yesterday…