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Green Book July 2019

Mid-Year Mea Culpa

The S&P 500 has rallied 9.2% in the 22 trading days since its June 3rd low, but the move hasn’t (yet) been enough to lift the Major Trend Index out of its negative zone. It’s tempting to pin the blame on the MTI, and we suspect that quants who routinely override their models keep them around precisely so that something (not someone) can be singled out to be at fault.

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