What we have observed lately is a large amount of heavy macro ranting in front of very simplistic and highly correlated trading. I'm not a big fan of the combination. Us data now shifts to ISM reports and roughly 170,000 in payrolls. After England enjoys a party celebrating its royal heritage, Europe will take over the news cycle. The situation is clearly coming to an inflection point. I believe this will be the catalyst that throws the "big macro" clipboard out the window. Positions will dominate the trade and market volatility is driven by liquidation. I keep seeing George Costanza going for the door when smoke popped up in the kitchen. Result? The clown got trampled.