Don't say I didn't warn you. Portfolio has been only 50-60% long since 4/5, when I issued a 'semi-trouble alert.' This is the first time I have spoken in these terms since before the election.

But is clear that rather than reducing long exposure through hedges and shorts, it would have been better to expand options to be long safe havens. This would mean VIX calls or VXX / UVXY, GLD and TLT, all of which have been on buys in recent weeks or days.

The damage today:

SPY broke Q2P, turning semi-trouble into real trouble (SPY below quarterly pivot, VIX above quarterly pivot)
DIA & NYA/VTI also broke Q2Ps
QQQ continued lower from AprP
IWM continued rejection from Q2P

All the safe havens continued up, with GLD & TLT both testing Q2R1s.

How many asset classes are above all pivots now? The list has thinned quite a bit!

GLD obviously, and GDX
INDA
EEM
SHCOMP

It is hilarious that Trump 2016 Q4 faves IWM and XLF are negative YTD.

Portfolio was forced out of some positions today. It may wind up buying back higher. That's OK, because I am not going to mess around with a genuine trouble alert. If SPX were at the pivot level VIX is now, that would be 2196, -5.6% from here.

- 2 SPY
- 1 DIA
QQQ short hedge cover

Just in case you have lost track, down to:
2 INDA
2 EEM
1 QQQ
1 DIA

-2 IWM short hedges

40% net.

SPY, IWM, XLF & VIX below. '