The market today hit our stop-loss, and thus we are forced to go to cash as the negative trend remains in place and the market is now exhibiting signs of downside momentum. In addition, market breadth remains poor with less than 40% of issues above their 200-day moving average despite the market being just ~5% off its all-time high. In addition, other indicators of liquidity and market health such as high- vs. low- quality, credit spreads, small cap relative performance are all pointing that the market goes lower. While seasonality remains favorable at least through the end of the year, we must stick to our discipline and manage risk.