We’re in an “event risk” market environment. These are never easy to trade or position. I would wager many institutions and individuals are trying to find protection in whatever instrument they can find and/or are permitted to use. According to Lipper investors pulled a net $32.2 billion from mutual funds—including ETFs—for the week ended July 27. This continues the previous trend. Further investors loss of confidence in the U.S. is increasing by the moment.