Another Friday … another wild week. The Four Sisters were under pressure all week led by more uncertainty in the financial space. At the low point on Friday, the SPX was down 15% this week alone before rallying 8% off the market bottom into the close on Friday. The SPX broke the 2002 low of 775 on Thursday and closed below this level on high volume. This is never a good sign and we discussed this as a likely scenario in Thursday’s market note. Despite Friday’s afternoon run, markets are severely strained and are technically vulnerable. Risk levels remain high. No need to try and be a hero here … patience will be rewarded. Bull markets give participants several good years to make gains. Do not let this tape’s volatility stray you away from discipline.