Although we have seen some marginal improvement in our shorter-term Risk Gauges, the monthly “Wave” remains in “Risk-Off” and quarterly “Tide” hovers only just above. This condition will improve eventually, but until such time, there remains enough fragility in market structure that we simply don’t want to expose our portfolio to full market risk, or even worse, leverage.
Nonetheless, our daily task remains the same, regardless of environment. Each. . .