Market Complexion Changing

It seems like the Bulls are selling breaks and buying rallys.  Many times this is a sign of macro change developing.  But then again, the FED is meeting today.  Who knows what surprises lie in wait.  Market guru expectations appear to be pointing towards a later interest rate rise, maybe September 2015 with some even saying March 2016.

Our two funds we have been tracking for you for the past couple of weeks do not show much difference between them in performance in spite of big differences in directional and leverage profiles.  This is probably a reflection of the fact that the market is keyed on today’s FED announcement rather than market fundamentals.

And then there is the “Ammunition” argument which is floating around these days,  this is the argument that Yellen needs to raise rates now so she can lower them when the wheels come off the global market. Setting here at zero leaves her no ammo.

Performance Fund-8

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