As our (probably temporary) sister publication, TOP, forecast, the SPX and other major indices were up overnight through 10:45. However, overall, the market has done little today, consistent with my TOT comments last night.
Program A managed accounts were long the SPX 2x fund overnight and went into the money market fund at 10:45. Program D managed accounts were long the NDX 2x fund overnight and went into the money market fund at 10:45. Programs B and R managed accounts were 75% long the NDX 2x fund overnight and went into the RUT 2x fund at 10:45; and they have also been 25% long in the Precious Metals fund all day. Nationwide Annuity managed accounts have been 65% long the RUT 2x fund and 35% the Precious Metals fund all day.
The daily model is likely to be bullish tomorrow, but with the Index virtually flat right now, I see no reason to rush in at present. We will stay on the sidelines in the SPX for the balance of today.
Thanks for the opportunity to be of service, and I’ll email you again in about ten hours.
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