what about market technicals?   the skew is positive for the next few weeks.  it�s pretty easy to identify the marginal buyer; it�s pretty difficult to find the marginal seller.  on the former, the systematic trading community — CTA, vol control and risk parity — remain on the bid (while noting this impulse will wane as we move past August).  alongside this, one should expect that stock buybacks will be in the mix every day, in good size, for another month.  furthermore, if one assumes that households are holding onto what they own, again it�s hard to identify who will make a sale (other than blocks and follow-ons, which have been well absorbed lately).  
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