Average August angst  八月平均焦虑

Nasdaq closing below its 20 day moving average for the first time since April. The last time the Nasdaq 100 QQQ fell 2%+ on the first trading day of August was... last year. The QQQs actually fell 2%+ on each of the first three trading days of August last year for a 3-day drop of 7.6%.
纳斯达克首次自四月以来收盘跌破其 20 日移动平均线。纳斯达克 100 QQQ 在八月第一个交易日下跌超过 2%的上一次是……去年。去年八月的前三个交易日，QQQ 实际上每天都下跌超过 2%，三天累计跌幅达 7.6%。

Source: @barchart   来源：@barchart

Atomic anxiety  原子焦虑

The S&P 500 has fallen below its 20 day moving average for the first time in over 60 days. Next few days aren't good - but actually only a very small bad signal... (not even down one percent).
标普 500 指数首次在 60 多天内跌破其 20 日移动平均线。接下来的几天情况不妙——但实际上只是一个非常小的负面信号……（跌幅甚至不到 1%）。

Source: Subu Trader   来源：Subu Trader

CTAs: Averse to anxiety  CTA：厌恶焦虑

CTA positioning high across all regions.
CTA 在所有地区的仓位均处于高位。

Source: JPM PI  来源：JPM PI

Risky factors: Antithesis of anxiety
风险因素：焦虑的对立面

Risky factors coming off from a very strong period of performance. Room to retrace.
风险因素在经历了一段非常强劲的表现后出现回落。存在回调空间。

Source: JPM PI  来源：JPM PI

Volatility traders: A season for anxiety
波动率交易者：焦虑的季节

More often than not, volatility tends to rise across Equities, Rates, and FX starting about now.
通常情况下，从现在开始，股票、利率和外汇的波动性往往会上升。

Source: BlackRock   来源：BlackRock

Source: BlackRock   来源：BlackRock

Source: BlackRock  来源：BlackRock

Abundant anxiety  充满焦虑

GS: "Systematic were suffering the 3rd worst month of performance on our records"
高盛：“系统性策略经历了我们记录中第三差的月度表现”

Source: GS Prime   来源：高盛 Prime

Ambien for anxiety  焦虑的安眠药

Hedge funds have gone into small risk reduction mode. US Fundamental L/S gross leverage fell 1.8 pts to 208.1% (91st percentile, 3‑year), while net leverage was basically flat at 52.7% (52nd percentile, 3‑year).
对冲基金已进入小幅风险降低模式。美国基本面多空策略的总杠杆率下降了 1.8 个百分点，至 208.1%（3 年期第 91 百分位），而净杠杆率基本持平，维持在 52.7%（3 年期第 52 百分位）。

Source: GS Prime   来源：GS Prime