Our bias is that the markets may be close to tackling the November lows perhaps with a sharp selloff. as such we’ve been slowly getting short positions on, which today was the right way to be placed. MIG (-3.2%), FXJ (-3.6) and PBG (-5.6%) all traveled nicely. The Model Account does not have the short PBG trade but it was a formal recommendation.
No new trades today, although another short recommendation came close to being activated.
The account recouped some lost ground today but we really want this market to make downside statement over the coming week to clear the cob webs and bank some profits.
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