Markets retreated this week correcting almost 10% after setting new all-time highs on an intraday basis in two US Equity (SPY, QQQ) benchmarks. China announced that it was reducing holdings of US Bonds due to an accelerating trade war. This was part of the catalyst driving the reversal. Similarly, Putin’s playbook and Russia does not include owning any US government debt. Volatility (VXX) jumped +13.8% for the week despite dropping -8.2% on Friday. Financials also
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