Are we there yet? Prime brokerage data says yes
When is it time to short?
The question now is if this is the 8th or the 16th of August - the difference could be monumental for the survival of a short position. The latest data from the various prime brokerage desks we trade with indicates that we are very close to the end of the bounce - and that is what this email examines. From a trading perspective we still would want to see a test of 4100 to get involved in a pure delta 1 short - and are happy for now with our VIX logic from yesterday. There is more often than not a little extra juice left to squeeze in moves like these and we need to be surgical in terms of implementation. Stay tuned.