Not sure if everyone else was in the same boat, but we made quite a few clients more defensive today.  We said it yesterday, but panic begets more panic, and today was definitely no exception.

All of our clients are in this for the long run, but you know, I’m no longer in any position to tell them what’s going to happen in the short term, and by damn if they want to get more defensive, I’m going to tell them that we don’t know if it’s smart or stupid move at this point (historically, it’s been stupid), but if moving to 20% more bonds will make them happier, so be it! 

If they want to hang out in money market for 30 days, let 'em! 

And of course, the futures are up (thought that means nothing).