It is not the Tire Tariff

The headline economic news this morning is the assertion that there is a budding tariff war between China and the US and that this is opening the market lower.  Whether or not there is a tariff war, there is no question China plays an exchange rate game, the market is reacting to a long-term cycle overbought condition.  This is the last day of the 9/9/09 to 9/14/09 topping process and the markets are vulnerable.

Our EMA ETF Fund NAV was 1003 at Fridays close.

8:48 AM CDT