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Actionable news in QQQ: PowerShares QQQ Trust, Series 1,

S&P 500: The Perfect Storm

Over the past 30 years the S&P has averaged losses in only three months and we have just entered the worst two back to back with: Stocks at the highs, Yields and Spreads at the lows, Crude collapsing, Yen firming, and Bullish sentiment and positioning building on the back of a binary post Brexit low volume unconfirmed breakout to an all-time high in the S&P. While seasonality in isolation is never a reason to buy or sell a stock, given the fragility of the macro technical backdrop, I would hardly classify that as isolation.

Admittedly, the trend in the S&P is higher, breadth strong, the “reaction to news” positive, and the breakout from a...