3rd June 2019 - Positioning Update: This Sell-Off Is Different

- Lack of vol causing slow grind downwards in this S&P drawdown. Previous sell offs Vix rose between 10 & 27 in the first 2 weeks of market decline. (Chart 1) - Low Vol in equities due to investors being extremely long going into May. - Resulting in risk-control funds selling half the amount of equtities compares to previos draw-downs. 100% to 70%, compared to 35% during the VIX tantrum & Q4 meltdown.

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