The perfect flow Tsunami is over and it is time to put on tactical shorts

The perfect flow Tsunami

We have had a perfect flow Tsunami over the past few weeks where "everyone" needed to buy equities. This has played out now and, more than on the margin, things will get incrementally less supportive from here. Our experience is that inflection points like these are normally a good time to put on short term tactical shorts. And guess what, doing it via options is record cheap & attractive.

Holding out for the last $20bn...?