Breakout or Blowoff

Today is a key day for the summer trading range.  Last Monday the market that provided the clue, which I didn’t take, was the T-Bond market as it topped out.  Today, just one week later the opposite is occurring, T-Bonds are oversold and at a level that should hold.  We will put out further comments later today, for the moment we are sitting with a 100 percent net short position in the EMA ETF Fund.  The NAV was 1145 at the close Friday.

9:25 AM CDT