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