Low Volume Feels Like Summer Trading

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Enjoy today’s abbreviated Opening Print alongside an expanded guest post.

Our View

I don't pretend to know everything, but something is going on with the volumes. The schools have not let out yet, but like I said yesterday, it really seems like the summer trade has begun. 

Does that mean volatility is going down? No, it doesn't. What it means is there are going to be slow chops followed by big moves. While the US indices were flip-flopping around, the Stoxx Europe 600, FTSE 100, and Dax indexes all closed at fresh record highs.