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Tuttle Tactical Management Weekly Market Notes

Tuttle Tactical Management, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. You should not assume that any discussion or information contained in this letter serves as the receipt of, or as a substitute for, personalized investment advice from Tuttle ...

03/12/2014

The Ukrainian crisis is far from solved but markets are looking “normal” again. The S&P 500 has renewed its uptrend, although it has slowed a bit in recent days. Volatility has come back down, oil prices have come back down, and Treasury yields are creeping up. The only flight to safety asset that is still strong is gold, but so many factors account for moves in gold it is hard to say what is causing the uptrend.

The end of the bull market in bonds scenario is also back to normal. Almost every bond sector has gotten hammered this week—high yield, investment grade corporate, Treasury, emerging market, and munis. Preferred shares, which we bought earlier in the month, and floating rate bonds, are the only area that I follow that has held up. I have been talking to a few reporters about emerging market bonds. With interest rates low and the emerging markets crisis seemingly behind us there is renewed interest in higher yielding stuff. I told them what I tell everybody about bonds these days—- the first question should not be what bond sector should I own, it should be—should I own bonds at all, and if so, what sector.

Positioning and Recent Moves

We have been buying into weakness this week adding to small caps, S&P 500, and dividend stocks.

Income Strategies: We are currently positioned for stronger economic growth.

Trend Aggregation Strategies: Our momentum models and counter trend models are fully invested.

Momentum Strategies: Our equity models are fully invested.

Specialized Strategies: Our momentum models and counter trend models are fully invested.

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