Morning Thoughts June 1

  • I just hope at the very least over the course of this year I have managed to keep you out of an all in equities long portfolio
  • I know there were trying times to this thesis but here we are now…
  • This morning’s May employment report (very weak) was just another data point showing to slowing global growth.
  • I remain short a 1/3 position in SPY with my downside targets on the SPX being 1276, 1250, and 1210.  One step at a time and we evaluate anew after each level is hit..or not.
  • Two macro charts below, please note the HUGE levels that AUD/USD and Oil are at.  If either of them break stuff can get ugly.
  • I continue to reiterate to stay in cash as Bucket 2 trades are close to impossible…unless you have stops at VERY wide levels.  Keep your timeframes intraday or extremely long…if you must do anything at all.
  • Please, please please read this….it says everything I want to say and more.  I don’t agree with it all but we must see all sides, always:


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