Equities are very overbought and our matrix has switched from a momentum phase to an inflexion one: we are becoming short term bearish on US stocks and now neutral on European ones. Thus we take profit on Zalando, RWE, Tenaris, Kerry group and Vodafone.

The S&P500 has reached our wave (v) target and should correct at any time. We increase our put spread to its maximum size.

After these adjustments, our net exposure is negative, which is the second time this year like in May 2019.