WE WERE OBVIOUSLY WHIPSAWED ON THE LONG POSITION IN THE SPX AND VTI BASED ON TODAY’S ACTION. THOUGH WE’RE IN THE TIME FRAME FOR A CYCLICAL LOW AND THERE ARE RUMORS THE FED MAY PAUSE AND THE MARKET COULD QUICKLY RECOVER, THE BEST PART OF VALOR HERE IS TO STAND ASIDE. GETTING SHORT HERE IS TOO TRICKY FOR ME EVEN THOUGH I AM OVERALL EXPECTING A TEST OF THE OCTOBER LOWS AT SOME POINT IN THE NEAR-TERM. HOLDING OTHER POSITIONS FOR NOW.
