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[Islander]

The sell surges this AM indicate heavy institutional selling. Further, Nnets are turning negative on the following 5-7 days. So, Short: puts. I think the world interest rate adjustments of have started to discounted the NPV of earnings (and the price of equities down) to about the range we see today, and maybe lower over the summer. The dollar looks stronger here for several reasons, but when the asset deflation becomes evident (like today), gold will appeal. Even bond yields will complete for the large investors bucks. They are sucking the wind out of the equities. My melt-up hope is melting down. Best, Islander