A few of you have asked whether a test of the low would be last Friday’s intraday or closing low?  For a point of clarity, we use closing vs. intraday prices unless otherwise stated.  More comments later on the action we have been seeing.  For quick summary – absolutely nothing has changed in our thought process and game plan.

Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. 

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