So far the 20 day is your point of reference, after the near perfect bounce from that level this morning:
Copper prices are holding that $3.50 level, and need to stay above that level for me to believe in any sort of bounce. Bonds and the dollar are on fire once again and need to back off here for the bulls to gain any sort of traction.
My portfolio remains near unchanged due to a few hedges I have on, and I decided to add a few puts in QIHU to further hedge my China positions. Other than that, I’m not really looking to add any positions here, just looking to manage what I currently have on.
In my opinion, things are not as bad as they seem today, but I can also turn on a dime. I will continue to watch bonds, the dollar, and copper for clues on future market direction.
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Here some the 20 day test again.
Blue Horseshoe loves TAOM …
been in and out of TAOM all day today, still looks good.