From the desk of Willie Delwiche.

Dynamic Portfolio Update: Our asset allocation models are tilting away from commodities, so we sold GLD in our cyclical portfolio (and replaced it with mid-cap equity exposure). With tactical risks rising, we raised some cash in our tactical opportunity portfolio.

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From the desk of Willie Delwiche.

Dynamic Portfolio Update: This year’s rally has so far failed to turn long-term trends higher and is starting to look ragged. As we see how this period of digestion plays out, we are reducing the equity exposure in our Tactical Opportunity Portfolio.

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From the desk of Willie Delwiche.

Dynamic Portfolio Update: Gold miners (GDX) are breaking down on a relative basis so we are selling the exposure we have there in the Tactical Opportunity Portfolio and re-deploying that capital to areas that continue to show leadership.

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From the desk of Willie Delwiche.

Dynamic Portfolio Update: With the weight of the evidence improving, we are putting some cash to work in the cyclical portfolio while also staying well-positioned for opportunities from a tactical perspective. In both portfolios we are leaning toward strength that we are finding in equities beneath the surface and beyond our borders.

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From the desk of Willie Delwiche.

Dynamic Portfolio Update: With new highs outpacing new lows every day so far this year, our net new high A/D line has turned higher and moved our “Fear or Strength” tactical model into its bullish zone. We are following the model and increasing risk exposure in the Tactical Opportunity portfolio.

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From the desk of Willie Delwiche.

Dynamic Portfolio Update: Our portfolios held up well in 2022. Now we are making some changes to remain well-positioned for the trends that are intact as we begin a new year. We’ve re-allocated equity exposure away from the US and toward areas around the world (both regions and countries) that are showing leadership while also making room in the portfolios to take advantage of the strength coming from precious metals.

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From the desk of Willie Delwiche.

Portfolio Update: Precious metals have been showing signs of life relative to base metals for some time. For example, the trend in the copper/gold ratio has favored gold 40 weeks in a row. Silver has also gotten in on the action and with it holding above a key level last week, we are adding it to our Tactical Opportunity portfolio this week.

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From the desk of Willie Delwiche.

Portfolio Update: In our Cyclical portfolio we have moved global equity exposure from Latin America to Europe while in the Tactical Portfolio we are reducing energy exposure to take advantage of shifting global leadership and improving trends from the metals.

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