Short version: a majority of intermediate market breadth/health signals, and effectively all short term (2-4 week) signals, have turned bearish as a result of this past week's continued decline on top of August's pullback.

The two longer-term BearCatchers are still "ok", as is the 26w/52w average. On the GTAA front, Cash (BIL) has returned to #1, with its 4+% yield. Only US large caps in equities remains meaningfully above its 10M MA. Global High Yield (JNK) also is above its MA; and remains the top DMFI choice.

September has played out similar to its historical seasonal tendency. Also FWIW, we are approaching the historically better "6 months" of the year for equities, and the chance of these short term signals reversing increases the longer they stay in one state.

If interested: I am 75% in a mix of cash/hiyield/long oil, and hanging on to a 25% growth + FBALX (for an upcoming dividend payout) allocation - for the moment.

Good luck out there.

FC

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