Macro Positioning Time …………Update at 1:32 PM

As the market goes through its end of quarter gyrations we are looking for points to reestablish our short positions for what we anticipate will be a significant market decline.  The area around S&P 907 to 912 would be our sell target at the moment.

 We are selling out our long T-bond position early this morning,  before the Fed announcement.

The EMA ETF Nav was 1179 at the close.

8:32 AM

Update:  This morning in the EMA ETF Fund we sold our TLT position at 93.34 (bought at 89.36 recently) and added to our long dollar positon UUP at 23.98 (we now have on a face value level of the total fund, a 10 percent long dollar position) 

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