21st November 2018 - Risk Update: Still waiting for broader signs of a retail capitulation

The S&P 500’s 4% decline on Monday and Tuesday has prompted many clients to inquire about whether or not we’re seeing signs of a retail capitulation in equities. In short: while flow activity indicates substantial retail derisking, we’ve yet to see the sort of full-scale capitulation that marked the bottom of previous equity drawdown cycles.

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