Is dinner through?


Waking from a post prandial food coma the market responded to the end of month phenomenon and bottled up volatility.  We have frequently noted that volatility returns to the mean and that has happened here after a somnolent  Thanksgiving holiday.  Not a great signal but we bit on it, scaling in to the Qs, which look to have broken to new highs.  We also took the hint and closed our bond short.

But this does not mean that we have conquered the box.  So the market remains in the box we have recently described.  But start paying attention.

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