KOLANOVIC: “.. Our cautious stance has been based on our view that there is no re-rating upside, and that any upside had to therefore come from earnings growth, which we see being insufficient to take on equity risk even under best case scenario assumptions. For equities to avoid… pic.twitter.com/Me6DsukPHy

JPM DESK: “.. While we had thought the market was setting up for a pullback based upon the price action during earnings season, narrowing breadth, reduced HF positioning, and the potential for markets to take some profits given the almost 32% gain in the $SPX since this bull run… pic.twitter.com/NNa0WmzpgL

Most sectors did well today but Utilities and REITs were notable laggards with declines of 1.1% and 0.7%, respectively; Tech continues to widen its YTD lead … small caps had relatively strong day but Russell 2000 is still down marginally YTD, falling way behind S&P 500 pic.twitter.com/nB9Z4sDj7m

Spread between S&P 500's forward earnings yield and 10y Treasury yield continues to hover near two-decade low pic.twitter.com/7dZTV1lc86