Odds and Ends with Macro and Portfolio Position Direction

This pre-holiday, end of quarter week will be need to be watched for breakouts of the current trading range on the S&P, of 1070 to 1105.  The strongest direction will probably be towards lower volatility and flat momentum as everyone takes a breather. 

 The G-20 meeting reinforced the lower the deficit rhetoric but the underlying private debt problems world wide probably will negate any meaningful movement for now. Our market positions are still directed towards a test of the value base at the S&P 890 area by mid-August.

Our Macro Position Views for the Big Eight ETF Areas are at the moment:

(long, short, double short, designations)  Aggressive Portfolios use leverage

SPY/SH/SDS (S&P 500)                        Short  (lower)

QQQQ/PSQ/QID  (Nasdaq 100)         Short (lower)

IWM/RWM/TWM (Russell index)    Short  (lower)

GLD/DZZ  (Gold)                                    Short  (topping)

UUP/UDN (dollar)                                 Long  (higher)

DBC/DDP/CMD  (commodities)        Short  (lower)

XLE/DUG  (oil)                                       Neutral  (sideways)

TLT/TBT    (T-Bonds)                            Long (higher)) (lower rates)