- Michael Burry's Hedge Fund Scion Capital has just announced that it has closed all but one of its positions.

- Equities may be headed lower, as earnings expectations remain lofty despite worrisome data on consumer credit and manufacturing.

- The rally of the past few weeks may only be temporary, as excitement over an "early" Fed Pivot could subside.

- The hedge fund exited positions including Alphabet Inc. and Facebook parent Meta Platforms Inc., while adding private-prison operator Geo Group Inc., which was Scion’s only long stock holding as of June 30, according to a regulatory filing Monday.

- It might be a smart move to remain cautious in equities, or to stay high in cash like Burry.