S&P 500 Passed the Daily Test Yesterdayd……Short Gold Update
The S&P by trading inside the 699 and 734 range yesterday, passed the first technical test of the macro bottom formation. Now we have a couple of free days, in fact now it would be nice to see a push down to just below 699, 698 would do, and then tread water until Monday when the weekly test will start to be in play for the next couple of weeks. On pull backs to the 698 support levels we will be filling out any holes in our portfolios that we feel need to have coverage.
The EMA ETF Fund NAV was 833 at the close yesterday.
7:53 AM CDT
9:28 AM CDT We have reinstated some of our short gold position (gold at 926). In the EMA ETF Fund we have just sold $ 40,000 of DDM (double long Dow) and bought $ 40,000 of DZZ (double short gold).