Gold Shines and Equities Limp Into The Close

GFBP Position Tracker Moves Into Balanced Hedged Short

For those that received our earlier letter we hope you recognize the adjustments that were made to the Global Futures Benchmark Program position tracker. We have noted lately the stubbornness of the equity markets shrugging off all and any tape bombs and continuing their QE induced rally, thus a few changes were made. We also noted the struggle in the US Dollar which forced a bit of a mixed bag to our currency class. It is good to see Gold acting as gold should and this chart here exposes the old highs up at 1924 from September of 2011 (Has it really been that long?) Yes, central banks are excellent buyers of time, decades in fact but Gold has that level in its sights now that its clearly broken out to the upside:

What’s interesting about that 1924 is that is the same year Hjalmar Schacht introduced the “New Reichsmark” putting an official end to the hyper-inflationary Weimar Germany. Speaking of inflating let’s check out the Equity Futures:

The SP500 has been hampered by that 3145/55 area and fell late in the day back below the all important 3120 area. This set up isn’t exactly bearish by any means just means we may beat around these levels for awhile. We have to say we didn’t hear much on the news to cause this, we did hear there is a Google anti-trust hearing this Friday and that may have something to do with it. The Nasdaq closed just outside our continuation box and we are most certain the bulls do not want any prolonged deep probe back down into it, but we may have some more wood to chop here:

In other news we listened to an awesome interview from Unchained. We want you to listen to this and listen with an open mind. Listen to what Chamath is saying, he speaks the truth and his logic is unparalleled, you can listen to Laura Shin’s Unchained podcast here, Unchained with Chamath

Chamath Palihapitiya honestly said he bought 1 million Bitcoins at $80 what a stud! Buy it and forget about it, its a hedge against everything else getting destroyed, its #insurance. I agree with him 100% that Bitcoin is not something that should be traded and used as an uncorrelated hedge but rather bought, put away for safe keeping and hedge as a hedge to your other investments.

Let’s now take a look at the GFBP Position Tracker and you can see we have entered a more Balanced Hedged Short Program:

We discussed the motives for the changes in the earlier subscriber addition and we feel at this time this represents the best risk/reward profile for all the uncertainty we have at the moment. We feel some of the markets are at key inflection points and we will need further confirmation as to a clear directional continuation, until then, this is the way the tracker is positioned.

What was interesting to note is the whole program was basically unchanged on the day as dictated by our MOC roll over and position swap where we exit the existing tracker and move into the new positions as indicated by the “End of Day Positions” column.

Finally to our settlements for 6/23/20 which shows the ultra bond our big $value loser of the day and Gold the big winner as we have noted earlier in its continuation of its break out pattern:

Once again we hope you are enjoying this look into our tracker, its only going to be free for a short limited time. Monthly subscribers get all of the free content plus access to daily settles but the Founding Subscriber will continue to enjoy our Magnelibra Global Futures Benchmark Positions Tracker. We like educating, we like writing and researching but as you all know everyone’s time is worth something, we hope you understand. We hope you choose to stay the course with us as we look to broaden you understanding and your knowledge of how a professional futures manager looks at things.

OK, we hope you continue to spread the word on our work here with your friends and colleagues, remember, knowledge is key and it is the absolute goal of Magnelibra’s Econemotion to put you always ahead of the pack. When your family, friends and neighbors ask, how you know all this stuff, we hope you point them in our direction. We hope you consider contributing to our work and joining as a monthly subscriber and for the professional traders and investors, join our Founding Subscription because the position tracker is a uniquely proprietary driven model designed as a global macro market analytic that we believe can help to advance your trading and investing game.

-Magnelibra Econemotions

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