The ETF Complete model continues to be in primarily cash with a few short positions in SDS/EFZ/EUM/VXX in two of the models (Sector Moderate was stopped out of SDS on last week). Performance of the ETF models was precisely inverse to the SPY. The SPY closed strong on the week but it is only back up to the top of the recent trading range. Earnings season has started and will likely be the major factor
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