Caution

Capture

Note that the correlations among equity futures indexes declined from the previous week. There is a good reason for this to occur and continue through next week.

Taking the opposite side of the return-to-mean trade must work part of the time for the correlations trades to work. How long is uncertain. Also, next week is a holiday weekend and a traditionally slow one. There is no reason to expect return on risk when the risk is reducing via lower/slower volume.

The bonds vs. note trade still seems viable; I also like long equity/short VXX on any equity pull back.

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