TMTB EOD Wrap

Good afternoon. QQQs finished dn 30bps closing right above the 20d — as we wrote in our weekly, we’ve been in high alert mode short-term, which means we’ve pulled back net exposure, but are getting closer to “wait and see" after today (not yet), which means a more neutral posture (medium-term we continue to think pullbacks are buyable). A very tough ma…