### Comment:
That's how I'm seeing it. We also have sector rotation into defensive stocks and fed repo. Utilities are killing it.  
  
  
 Also those articles about the wealthy going cash. The only buyers are pensions, buybacks and MM pumping it to dump on us. It's not looking good. The problem is when will it dump.

### REPLY:
well gundlach thinks we'll be testing the 2018 lows. still plenty of time for that.

### END.