It really looks like a macro technical call to sell risk assets(same thing in Idix)probably in anxious anticipation of the fed jackson hole statement that is anticipated to be a non statement and likely to disappoint.
Bottom line is it is apparent that we have not yet achieved any degree of escape velocity and are being played, as usual, as a high beta vehicle for anticipated relatively small gyrations in the market.
Since most true believers(like most of the people on this board, as well as possibly many institutions) are "all in", we continue to be at the mercy of short term traders who continue to profit from playing the range(currently about 3.15-3.55). I suspect I have a lot of company in that I'd be playing this range too, but when we get close to the bottom of the range I have no money because I was afraid to take the risk of selling at the top.
The key may be that, in a very low volume market, a few traders with more precise insight into the timing of key events, may be taking the opportunity to run this game and profit from it while most of our hands are tied.
But since I don't have this information advantage, I will continue to hold and ignore this (hopefully temporary) distress.
Still looking for news that alters this annoying pattern(and really begins to achieve escape velocity)!
Best,
bw
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