24 August 2015 - Indicator switch to Defense

Many of you know we have been commenting on latent risk in the U.S. equity market this summer.  Our concern has been that the S&P's extremely narrow trading range in 2015 through the end of July was anomalous and unsustainable.  Obviously latent risk has now become realized risk, as market volatility has escalated dramatically over the past several trading sessions...


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