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Froth Off The Top
"Take a little off the top".
That's generally how market participants are thinking about last week's "slippage" in US equities. Only instead of being a barbershop allusion, it's more of a café reference. "Scrape a little froth off the top of this cappuccino, because this pile of foam is so high I can't get to the espresso". Or something.
JPMorgan likens the Thursday-Friday selloff to the June 11th rout, in noting that the "sharp declines" helped "remove some of the previous froth in equity
SPX closed under the mjaor trendline
Depends on whether you are the scalper or the scalpee.