GFBP Lightens Up Equities & Settles
Metals take a break
As we noted in our earlier post the Nasdaq was hitting some weak levels and was most likely going to lead to a liquidation in the sector. The GFBP Positions tracker took action and we will get to those after we look at today’s settlements for Friday August 7th 2020:
The R2K was the big winner on the day (rare event) and the Metal Complex was the clear loser as all 3 markets we follow were hit pretty hard. The move in Copper is concerning here, not only for the overall metals but for the risk trade in general. Anyway we took a lot of risk off this week and are willing to forgo upside for risk aversion. We rolled the Vix to Sept. from Aug as well.
Now onto the GFBP positions tracker where long USTreasury curve is the dominant theme here but we continue to watch the RBOB vs Crude looking for RBOB to outperform:
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