Premium'Reduce Exposure, Add Cheap Protection': Citadel Securities Chief Strategist Warns 'September's A Tactical Downside Window'
Following yesterday's shift to 'Tactically Cautious' by the recently omniscient JPMorgan Market Intel Desk, Scott Rubner, Citadel Securities Chief Equity/Derivatives Strategist, warns in his latest note that the weakest seasonal window of the year combined with a change to the near-term asymmetry, leaves upside catalysts becoming less obvious just as the downside catalysts are becoming more numerous.
We remain constructive on US equities. But the setup that carried the market through August is changing, and the near-term asymmetry has shifted.