Today is going to be back-to-back calls with various clients and should provide a good opportunity to further gauge sentiment at the institutional level.  Yesterday was interesting for a couple reasons.  It was the first day since early April that the S&P 500 (SPX) went down two days in a row.  In addition, while it was really uncomfortable to not chase equities following the Fed decision to buy municipal and corporate debt, the last few days have dropped both stocks and corporate bonds to below the level that announcement was made.  This phase of the post-crash environment is called the “frustration phase” for a reason.  I was reminded by one of my go to guys when the environment is unclear that there are times when sitting and being patient is in fact taking an action.


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