Academy Secs head of macro...........>

US TSYS/STOCKS: Academy Secs head of macro strategy Peter Tchir eyed the recent

risk-off mood and said "2 days does not a trend make, but" and noted both

"stocks and bonds" are "lower again." He said that for a 2nd morning, "we woke

up to a sea of red in global equity markets and stock futures," which is

"unusual enough, but when you go to look at bonds, they too are awash in red as

global bond yields tick higher." 

- He adds that "we have been advocating that the one risk that the market is

truly ill prepared for, is for lower stock prices AND lower bond prices. It is

too early to get excited as the move so far has been small, and we are starting

from such low levels of volatility and strong performance for any Risk Parity

Lite strategy, that we should not experience any unwind pressure." 

- But he adds that "volatility risk and correlation risk are two keys to this

market, and both are moving a touch in the wrong direction for risk takers."