IT'S NOT TIME (YET) TO GET SHORT

The 'tourist examines the option market makers' gamma positioning and the vol-control strategies' exposures and concludes that the rest of June will be boring

I want to bearish on the stock market. I want to say that it’s about to roll over and experience a meaningful decline, but I just can’t bring myself around to that view. The odds don’t favour a June correction of any size. It’s not because of fundamentals - in fact, I think the economy is weakening faster than most market participants realize and that t…