“The greater the demands on me, the more I need to sustain my inner calm and stability.” – bkwsu.org

A lot of headline risk today and over the weekend. Draghi, May, North Korea, New Zealand & German Elections… as usual, we favor defensive positioning into the weekend. There is very little to add to what we have been discussing these past few weeks. We are just waiting to get all our ducks in a row.

Today is shaping up to be one of those days where you could see a lot of air-pockets across teh board as most participants are in ‘wait and see mode’ in a headline driven market. A lot of the charts are still inside FOMC ranges and it will be very hard to read too much into the moves unless we get decisive breaks and holds outside these ranges. More importnatly, for a bigger pictures point of view > no change to our outlook.

Remember that risk happens fast and that picking up pennies in front of a steamroller works until it doesn’t. In this current context / environment, there is absolutely no excuse to getting caught off-guard over the weekend.