S&P 500 staged a modest recovery, attempting to close the opening gap, which it did before retreating. Bonds mirrored the late day hesitation as well, and VIX didn‘t stage a true break lower. Simply put, yesterday does qualify as a start of a dead cat bounce – on that can be still resurrected. Overall though, the bulls would struggle first at 4,065 and then in the 4,130s should they even get this far, which I doubt today. Bears remain in control, and the environment is risk-off, no matter the little rips that are to be sold into. Q2 2022 hedge fund letters, conferences and more (…) Powell inde…

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