As stocks resumed their sell-off on Wednesday, with the S&P finally closing 2% lower in a single session, there are a few things to point to and highlight. De-Grossing, Rotation versus De-Risking This was the focus of this weekend’s Know When to Fold ‘Em report. We continue to see quant/systematic/CTA strategies as major sources of ongoing selling. These strategies tend to be very “momentum” driven and tend to increase their position size as they are working. Whether it is owning stocks, or putting on flatteners (both of which are purported to be big trades within this subset of the investing ... A Lot of Moving Parts