"Flow Fragility": Citadel Securities Turns 'Tactically Cautious'

Authored by Scott Rubner, Citadel Securities Chief Equity/Derivatives Strategist,

I remain bullish on U.S. equities over the medium term, but we are becoming more tactically cautious following our bullish equity call from late March. The equity market may be vulnerable to a potential flow-of-funds unwind in the short term.

I. Fundamentals