Bigger picture wise..the general theme was for megacaps to explode higher this Summer (we got exactly that...now they are at risk of a turn which translates to equity indices at risk)
AAPL AMZN GOOGL MSFT FB all hit my respective targets (+15-20% quick gains and more) for this Summer
Now, sitting at multi-month channel highs going into earnings. Risk vs reward is not very optimal for bulls here going into ER.
Manage risk here into ER, number 1 priority (we've been hedging and raising cash across the board)
August typical weak seasonality is also a concern