The Country ETF models continue to be in primarily cash with one short position in EFZ in the models. Performance of the Country models were roughly inverse to the benchmark closing down about -0.7% vs the ACWI positive +1.6%. The SPY closed positive on the week thanks to a major intra-day rally on Friday off the heels of a weak jobs report. Prior to Friday we had spent most the week lower retesting some recent
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