If This Is ‘Risk-Off’, What Are You Going To Call A Real Correction?!

It kinda seems like former trader Richard Breslow knew exactly what he wanted to say on Monday morning because i) his daily missive hit about 30 minutes before it usually hits, and ii) today's note exhibits an air of conciseness that suggests he was writing it and refining it in his head all weekend. Today, Breslow thinks maybe we need to stop using the terms "risk-on" and "risk-off" because they've become "meaningless and trivial." And he's probably right, although Richard has a propensity fo