The Macro’s have held so far

For me it is not a question of whether these current support levels in stocks and gold give way.   The question is when, next week, next month, or next year.  In the meantime the markets may bounce.  That is the essence of the game that is being played in Washington and on Wall Street as the elections approach.   

As of the past few days we have exited short stock and gold positions and are now modestly long stocks and gold, short t-bonds, and have exited our long held long dollar position.  The Euro has held at a crucial level and this will probably shake things up a bit in the currency markets.