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If you sold in early May you’re doing well now, either having locked in gains or by being short. The weekly S&P 500 chart looks weak. I wouldn’t want to be telling investors to asset allocate and that they have to buy and hold coming into this summer. If you have stockbroker or Investment Advisor friends doing this for clients, I think they’re going to be getting a lot of nervous phone calls during their summer vacation…

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The June contract traded above 7600 today. Despite what you may think of the USD long or short-term, you normally don’t want to fight the tape.

In the near-term the price looks to head higher. The chart above depicts what Victor Sperandeo calls a “123 Reversal” pattern, which is reliable.

Maybe the USD is the “evil of two lessers?”

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One of the things I spoke to Richard Sandor about at the Milken Institute’s Global Conference was the relationship between WTI Crude and Brent Crude, as well as the ratio between WTI Crude and Natural Gas.

The chart above depicts the difference between Brent and WTI crude. You can notice a trend in the difference in the spread in that Brent is trading at more than $12 premium to the WTI crude. What does that say for Brent? What does is say for WTI? It may signify that Brent crude is becoming the global standard and is in higher demand.


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This chart depicts the ratio between WTI Crude and Natural Gas. This ratio historically trades near 10, but in recent years has been over 20. Does this ratio say something more about crude or natural gas? It may be both. What say yooze?

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“I’ll have the two-shot methylpyridinium please…no room, no sugar.”

The study in the video seems to reflect or amplify what had been reported back in 2003 about the effects of coffee on colon cancer.

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The performance between levered (high portfolio heat) and non-levered funds was not materially different. So why decrease leverage then?

“The study also points out that although funds employing leverage usually experience greater volatility, the difference in performance between leveraged and non-leveraged funds since 2005 is not statistically significant.”

Investors don’t want high daily volatility in their account balances. In order to achieve that, funds and managed accounts need to cut the portfolio heat and trade smaller. Emerging CTA and managers take heed.

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