Thur Trading Meeting Here Yesterday, we reviewed market conditions, then managed our mostly-bullish ETF portfolio. Despite price recovery in the last couple of weeks, our short macro ETF holdings did not fall below intermediate support and our "bearish market" restriction limiting our investments to no more than 25% of our of our total net liquidating account value remains in place. You'll see below that major indexes remain in a downtrend and Power Gauges range from Neutral to Bearish. It can be frustrating to watch price rise rapidly while rules keep us on the side lines. But the goal of an intermediate-term active portfolio manager is to emphasize strength in the market when market conditions are optimal for bullish trades, and to preserve capital when risks are elevated. We need more technical evidence, in the form of higher highs and higher lows, before we'll re-adopt a bullish market posture in the intermediate (weeks to months) time-frame.
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