Market Hotline

rss

Flexible Plan Investments


 

A couple of months ago I wrote an article about how risk, like death and taxes, is always with us. That was written as the market made new all-time highs, and I wanted to make it clear that such highs did not mean that risk was absent. Risk is always with us—like the air we breathe.

After a week like the last one, where we went from the greatest level of an oversold S&P 500 Index since the beginning days of WW II, to a two-day rally that exceeded 99.6% of all of the two-day rallies in the almost 90-year history of the Index, it is now apparent that the earlier article had it right.

Some would say that with the volatility subsiding that the risk, too, has subsided. After all, prices are at lower levels, so doesn’t that mean that value abounds? The answer in a word is “no.” As we said: Risk is always with us—like the air we breathe.

The life-sustaining property of air is, of course, oxygen. Air contains about 21% oxygen.

The funny thing about this is that if one decreases the amount of oxygen a person is receiving one can die. Yet if one increases the amount of oxygen to levels that are too high for too long, one can also die. Both extremes can bring about dire consequences.

In the financial markets, we find a similar relationship. If we are at high levels of risk for too long, we can go broke. If we are in a prolonged period of low volatility, eventually it spikes and that usually means lower prices as well.

The latter is the condition we found ourselves in entering the week before last. I even posted a graph that Monday showing how prices had been locked in a narrow bandwidth, traveling a virtual straight line for most of 2015. What a difference ten trading days makes!

Image posted on 8/17/15

Source: Bespoke Investment Group

S&P 500 Two weeks later

Source: Bespoke Investment Group

After the carnage of 8/16 and 8/17, I stated last Monday that I expected a bounce to commence soon. And it did, taking last week, incredibly, into positive territory, despite Monday’s losses.

But because of the way the mathematics of declines work, at Friday’s close we are still down 6.7% from last May’s high point. While I expect last week’s rally to carry prices still higher in the very short run (maybe a week or so), I am not expecting prices to recover new high ground until after we re-test the latest lows. Remember, I also said last week that we might obtain last October’s lows before this is over. That could take the S&P 500 down another 8% from today’s likely close.

Why do I believe there is more negative action to come? The reason is because so many of our active strategies have moved to defensive positions. Some hold larger-than-normal percentages of cash, bonds, or gold, others have moved completely to cash, while a few are actually holding inverse funds for the first time in years. (Inverse funds make money when the index they are tracking falls in price, as is happening today to most indexes as I write this.)

In addition, last week a few of the longer-term indicators I follow joined their short-term compatriots in moving into bearish territory. The so-called “Death Cross” of the 50-day moving average of the S&P crossing over a declining 200-day average usually (80% of the time) has led to lower prices over the next month. And the Bull/Bear Market Indicator is telling a similar story:

Bull/Bear Market Indicator


Source: StockCharts.com

Still, I believe, it is quite likely that we have not seen the highs yet for 2015. A fourth-quarter rally seems likely, not just because it happens almost every year, but also because the conditions for a crash just don’t exist and the extent of the current tumble is historically overblown.

As the next chart illustrates, the S&P 500 rarely slides into a bear market when no economic recession is on the horizon. At the present, it is hard to find any reputable economist pointing to a solid case for a recession in the near future here in the US.

Still, there have been three occasions since 1928 when prices have fallen into a bear market without a recession.

 
Source: Bespoke Investment Group

After each of these short non-recessionary bear markets, the index moved fairly quickly to higher ground.

Of course, this chart also demonstrates what I said last week: You have to put the current downturn into perspective. I know the point swings (1,000 points on last Monday morning alone) are scary, but as in most things, it’s the percentage swing that matters the most.

So far the percentage swing has been well within the percentage decline associated with corrections, not bear markets. Before the present decline we had not had a correction for four years. All year I have been reminding one and all that we were overdue and that this year was going to be a correction year.

The correction was expected, it was only the exact timing that was unknown.

If it was expected, why didn’t we exit stocks and move to cash at the beginning of the year?

To answer that, we have to return to the discussion of risk. We saw with oxygen that it had two opposite effects at different levels of exposure. Around 21% it was life sustaining, significantly above or below that level it can be life threatening. Risk is similar, but in a different way than I have already discussed.

The primary risk measurement utilized by Wall Street is a statistic called standard deviation. High standard deviation means that risk has increased. Low standard deviation indicates a lower level of risk.

That seems straight forward, until you realize that high standard deviation can mean that prices are moving quickly lower OR quickly higher. That’s right, high risk as measured by Wall Street can mean you are taking a lot of losses or making a lot of profits.

Just as when you stay in the market you always have the chance of losing money, when you are out of the market you have a chance of losing the opportunity to make money and stay ahead of money market rates and inflation. Both of these risks are, like the air we breathe, always with us.

So what’s an investor to do? Over 40 years ago I solved this dilemma. I began using dynamic, risk managed, active investing methodologies to gain my exposure to the various financial markets – stocks, bonds, gold, and other alternatives – rather than following a buy-and-hold approach to any market.

I’ve been happy with the results, and I hope most of our clients are as well. Check out the returns last week of two of our most active strategies, FUSION and S&P Trading Patterns. They are designed for this kind of market. The former seeks to create a portfolio allocated among indexes and active strategies to robustly contend with any market regime. The latter was created to take advantage of sideways and falling markets.

And, we have a whole new category of strategies that are designed to perform well in bull, bear, and sideways markets. We call the category ALL TERRAIN and the strategies are All Weather Static, All Weather Dynamic (leveraged and unleveraged), Trivantage (leveraged and unleveraged), and Smarter Beta. All of these are available now upon request for ETFs and mutual funds (Smarter Beta is reserved for ETFs only, however). Watch for our formal rollout, coming soon.

Why did we choose to bring out a whole new category of strategies? The reason was to have a different class of strategies that seek in different ways to gain ground, not simply tread water, regardless of the type of market we are in at any given time. They seek to outperform in down markets and hold their own in bull and sideways markets. Looking at the last two weeks’ preliminary numbers, they seem to be accomplishing that goal.

Why do we need access to All Terrain strategies? Because risk is always with us – just like the air we breathe. It is balancing the risk of loss and the risk of lost opportunity that must always guide today’s investors. 

All the best,

Jerry

PS—Have a safe and happy Labor Day Weekend!

 

 


Labor Day Weekend office hours

Flexible Plan’s home office will close at 1:00 pm EDT on Friday, September 4th, to allow the staff to participate in off-site training and team building. All trading required by our investment strategies will be processed through market close on Friday. Normal office hours will resume on Tuesday, September 8th, along with the next issue of the Market Hotline.

Have a safe and enjoyable Labor Day Weekend!


 
US equity markets were up last week. The NASDAQ Composite gained 2.60% last week, the S&P 500 was up 0.91%, and the Dow Jones Industrial Average recorded a weekly gain of 1.11%. Six of the ten S&P industrial sectors were up for the week. The move upward was led by Energy (3.65%), Information Technology (3.09%), Consumer Discretionary (1.64%), and Materials (0.87%). The Quantified Funds were mixed for the week: the Quantified Market Leaders Fund (QMLFX) gained 0.62%, the Quantified Alternative Investment Fund (QALTX) gained 0.11%, the Quantified Managed Income Fund (QBDSX) was down 0.75%, and the Quantified All-Cap Equity Fund (QACFX) recorded a weekly loss of 0.74%.

Last week the Quantified All-Cap Equity Fund (QACFX) shifted its weightings in four leading stock baskets, which were over 57% of the portfolio’s composition: “Ultimate Dividend Portfolio” (30%), “All-Cap Liquidity Premium” (13%), “CPMS-Price Momentum” (7%), and “International-52Wk ” (7%). Among domestic sector distributions, Financials and Consumer Staples led with portfolio allocations of 25% and 19%, respectively. The largest stock holdings in the All-Cap portfolio were in the common stock of McDonald’s Corp. (MCD, 3.18%) and the common stock of ProAssurance Corp. (PRA, 3.18%).

The cash level within the All-Cap Fund increased to 29.41% last week. The Fund’s daily pattern trading of S&P 500 futures started the week 8% long, changed to 16% long on Monday’s close, and 20% long on Tuesday’s close to begin this week. Our TVA-based futures hedge started the week 5% short, changed to 10% short on Monday’s close, 2.5% short on Wednesday’s close, 15% short on Thursday’s close, and 10% short on Friday’s close to begin this week.

The Market Environment Indicator (MEI) changed to bearish today (8/31). On Friday, equity asset class allocations in the Quantified Market Leaders Fund changed to the following: Large-Cap Growth (14.40%), Mid-Cap Growth (1.80%), Developed Countries / World Stock (3.60%), and Small-Cap Growth (7.20%). Total sector ETF weightings changed to 0% from the prior week and the cash position was increased to 73%. The individual ETF positions with the leading portfolio weightings were the iShares Russell 2000 Growth Index ETF (IWO, 7.20%), the iShares Russell 1000 Growth Index ETF (IWF, 5.40%), the ProShares Ultra QQQ ETF (QLD, 4.50%), and the ProShares Ultra S&P 500 ETF (SSO, 4.50%).

Within the Quantified Alternative Investment Fund (QALTX), the Long/Short Market Neutral Alternative sub-portfolio decreased allocations to the Guggenheim Multi-Hedge Strategies Fund (RYMSX, 5.32%) and to the Dreyfus Dynamic Total Return Fund (AVGRX, 1.70%).

Among the largest ETF positions there were a few changes: allocations to the iShares DJ US Medical Devices ETF (IHI, 2.89%) increased, while allocations to the Consumer Discretionary Select Sector SPDR ETF (XLY, 1.38%) and the Vanguard Consumer Discretionary VIPERs ETF (VCR, 1.34%) decreased.

The cash level within the Fund increased to 30.43% last week. The daily pattern trading of S&P 500 Index futures with 10% fund capital allocation started the week 4% long, changed to 8% long on Monday’s close, and 10% long on Tuesday’s close to begin this week. The 7.5% capital allocation of the volatility-based systematic trading of NASDAQ 100 Index futures started the week 3% long, changed to neutral on Monday’s close, 1.5% short on Wednesday’s close, and 3% short on Thursday’s close to begin this week.

The Quantified Managed Income Fund’s (QBDSX) two leading broad-bond index ETF holdings, the SPDR Doubleline Total Return Tactical ETF (TOTL, -0.38%) and the iShares Barclay’s 7-10 Year Treasury ETF (IEF, -1.03%), were down for the week.

The 10-year US Treasury yield increased to 2.18% for the week. The Fund increased weighting in the SPDR Nuveen Barclays Municipal Bond ETF (TFI) from 5.85% to 9.00% and in the iShares Barclays 7-10 Year Treasury ETF (IEF) from 8.05% to 9.70%, while decreasing prior week’s allocations in the iShares S&P US Preferred Stock Index ETF (PFF) from 8.70% to 5.70% and in the PowerShares Financial Preferred ETF (PGF) from 12.00% to 9.00%. Cash remained at 14.00%.

Total Return

Fund (Inception) Symbol Qtr Ending 6/30/15 YTD Ending 6/30/15 1 Year Ending 6/30/15 Since Inception Ending 6/30/15* Annual Expense Ratio
The Gold Bullion Strategy Fund (7/5/13) QGLDX (1.51%) (1.89%) (13.62%) (4.34%) 1.66%
Quantified Managed Income Fund (8/9/13) QBDSX (2.50%)
(2.20%)
(3.84%) (0.21%) 1.68%
Quantified All-Cap Equity Fund (8/9/13) QACFX (1.31%)
0.82%
0.68% 2.60% 1.51%
Quantified Market Leaders Fund (8/9/13) QMLFX (3.41%)
1.29% (1.42%) 5.49% 1.71%
Quantified Alternative Investment Fund (8/9/13) QALTX (2.56%) (0.94%) (3.33%) 4.15% 2.20%

*Annualized

As of the most recent prospectus, the expense ratios for the Gold Bullion Strategy Fund are as follows: Investors’ Class (No Load), 1.66%; Class A, 1.66%; Class C, 2.41%. The maximum sales charge imposed on Class A share purchases (as percentage of offering price) is 5.75%. An additional 2% redemption fee applies to all share classes, including Investors’ Class, when shares are redeemed within 7 days of purchase.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate and an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. To obtain performance data current to the most recent month-end please call 1-855-647-8268.

Risks associated with the Quantified Funds include active frequent trading risk, aggressive investment techniques, small and mid-cap companies risk, counter party risk, depository receipt risk, derivatives risk, equity securities risk, foreign securities risk, holding cash risk, limited history of operations risk, lower quality debt securities risk, non-diversification risk, investing in other investment companies (including ETFs) risk, shorting risk, asset backed securities risk, commodity risk, credit risk, interest risk, prepayment risk, and mortgage backed securities risk. For detailed information relating to these risks, please see prospectus. 

The principal risks of investing in The Gold Bullion Strategy Fund are Risks of the Sub-advisor’s Investment Strategy, Risks of Aggressive Investment Techniques, High Portfolio Turnover, Risk of Investing in Derivatives, Risks of Investing in ETFs, Risks of Investing in Other Investment Companies, Leverage Risk, Taxation Risk, Concentration Risk, Gold Risk, Wholly-owned Corporation Risk, Risk of Non-Diversification and interest rate risk. “Gold Risk” includes volatility, price fluctuations over short periods, risks associated with global monetary, economic, social and political conditions and developments, currency devaluation and revaluation and restrictions, trading and transactional restrictions. 

An investor should consider the investment objectives, risks, charges and expenses of each Quantified Fund and The Gold Bullion Strategy Fund before investing. This and other information can be found in the Funds’ prospectus, which can be obtained by calling 1-855-647-8268. The prospectus should be read carefully prior to investing in The Quantified Funds or The Gold Bullion Strategy Fund. 


There is no guarantee that any of the Quantified Funds or The Gold Bullion Strategy Fund will achieve their investment objectives.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Bullion Strategy and Quantified Funds. Advisors Preferred, LLC serves as the Funds’ investment advisor.

 

For more information on the Quantified Funds, sub-advised by Flexible Plan Investments, Ltd., please review the prospectus and fund performance.

Current or historical holdings of the funds

 


the gold bullion strategy fund

Over last week, the gold spot price dropped 2.34% as the US Dollar Index strengthened. The Gold Bullion Strategy Fund (QGLDX) declined 2.21% for the week. The prices of short-duration fixed income ETF holdings were slightly lower, on average, over last week, while the value of the COMEX gold futures, which has an early 1:30 PM close, lost 2.20%.

 

Total Return

Fund (Inception) Symbol Qtr Ending 6/30/15 YTD Ending 6/30/15 1 Year Ending 6/30/15 Since Inception Ending 6/30/15* Annual Expense Ratio
The Gold Bullion Strategy Fund (7/5/13) QGLDX (1.51%) (1.89%) (13.62%) (4.34%) 1.66%
Quantified Managed Income Fund (8/9/13) QBDSX (2.50%)
(2.20%)
(3.84%) (0.21%) 1.68%
Quantified All-Cap Equity Fund (8/9/13) QACFX (1.31%)
0.82%
0.68% 2.60% 1.51%
Quantified Market Leaders Fund (8/9/13) QMLFX (3.41%)
1.29% (1.42%) 5.49% 1.71%
Quantified Alternative Investment Fund (8/9/13) QALTX (2.56%) (0.94%) (3.33%) 4.15% 2.20%

*Annualized

As of the most recent prospectus, the expense ratios for the Gold Bullion Strategy Fund are as follows: Investors’ Class (No Load), 1.66%; Class A, 1.66%; Class C, 2.41%. The maximum sales charge imposed on Class A share purchases (as percentage of offering price) is 5.75%. An additional 2% redemption fee applies to all share classes, including Investors’ Class, when shares are redeemed within 7 days of purchase.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate and an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. To obtain performance data current to the most recent month-end please call 1-855-647-8268.

Risks associated with the Quantified Funds include active frequent trading risk, aggressive investment techniques, small and mid-cap companies risk, counter party risk, depository receipt risk, derivatives risk, equity securities risk, foreign securities risk, holding cash risk, limited history of operations risk, lower quality debt securities risk, non-diversification risk, investing in other investment companies (including ETFs) risk, shorting risk, asset backed securities risk, commodity risk, credit risk, interest risk, prepayment risk, and mortgage backed securities risk. For detailed information relating to these risks, please see prospectus. 

The principal risks of investing in The Gold Bullion Strategy Fund are Risks of the Sub-advisor’s Investment Strategy, Risks of Aggressive Investment Techniques, High Portfolio Turnover, Risk of Investing in Derivatives, Risks of Investing in ETFs, Risks of Investing in Other Investment Companies, Leverage Risk, Taxation Risk, Concentration Risk, Gold Risk, Wholly-owned Corporation Risk, Risk of Non-Diversification and interest rate risk. “Gold Risk” includes volatility, price fluctuations over short periods, risks associated with global monetary, economic, social and political conditions and developments, currency devaluation and revaluation and restrictions, trading and transactional restrictions. 

An investor should consider the investment objectives, risks, charges and expenses of each Quantified Fund and The Gold Bullion Strategy Fund before investing. This and other information can be found in the Funds’ prospectus, which can be obtained by calling 1-855-647-8268. The prospectus should be read carefully prior to investing in The Quantified Funds or The Gold Bullion Strategy Fund. 


There is no guarantee that any of the Quantified Funds or The Gold Bullion Strategy Fund will achieve their investment objectives.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Bullion Strategy and Quantified Funds. Advisors Preferred, LLC serves as the Funds’ investment advisor.

 

For more information on the Quantified Funds, sub-advised by Flexible Plan Investments, Ltd., please review the prospectus and fund performance.

Current or historical holdings of the funds

 


gold bullion strategy fund 

Last week the US stock market was a roller coaster that took everyone on an exhilarating ride.

First, US equities dropped over 7% on Monday following a 5% drop the previous week. This, again, brought into question whether the Fed would go ahead with an interest rate hike at its September meeting. As a result, the US Dollar pulled back and gold prices surged.

The next day stocks surged back up, but then abruptly declined at the close … then the next three days, they climbed back up over 9% to close out the week.

The US Dollar climbed back up to close higher than it was when the selloff began. Gold prices followed suit and fell back down to the breakout’s support line.

gold bullion strategy fund - gold index                                      
SPGSGC Gold Index – daily

We will have to wait for the Fed’s actual decision at their September meeting to see if there will be a longer-term breakout.

 

Rick Andrews is the President of Avant Capital Mgmt, LLC.

 


Q2 growth revised to 3.7%

The BEA’s second estimate of Q2 GDP was 1.4% higher than its first, reflecting reassessments of government and personal spending, business investment and inventories. Orders for capital goods also surprised to the upside last week: they rose 2.0% overall in July, 0.6% minus transportation orders.3,5

% Change Y-T-D 1-Yr Chg 5-Yr Avg 10-Yr Avg
DJIA
-6.62
-2.56
+12.79
+5.91
NASDAQ
+1.95
+5.94
+24.84
+12.59
S&P 500
-3.40
-0.39
+17.36
+6.41
Real Yield 8/28 Rate 1-Yr Ago 5-Yrs Ago 10-Yrs Ago
10Yr TIPS Yd
0.58%
0.23%
1.05%
1.79%

  July YTD returns
DJIA -0.75%
NASDAQ +8.28%
S&P 500 +2.18%

Sources: wsj.com, bigcharts.com, treasury.gov - 8/28/15 6,7,8,9
Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.
These returns do not include dividends.


Stocks correct, then rebound

fter the record 1,000-point plunge the Dow Jones Industrial Average took Monday morning, all three major U.S. benchmarks ended up falling below correction levels – but then an impressive recovery began. Bargain-hunters, an interest rate cut by China’s central bank, and a surge in gasoline and oil prices helped turn things around, and the big three all managed weekly gains. The S&P 500 rose 0.89% for the week to 1,988.87, the Nasdaq advanced 0.32% to 4,828.33, and the Dow added 1.10% to reach 16,643.01. WTI crude had its best week since 2009, climbing 11.8% to a NYMEX close of $45.22 Friday.1,2


Good news from Main Street

Personal spending improved 0.3% in July, matching the June increase. Commerce Department data also showed personal incomes rising 0.4% for a fourth straight month. The Conference Board’s consumer confidence index jumped 10.5 points to a 101.5 reading for August; the University of Michigan’s final August consumer sentiment index declined just a point from its initial reading to 91.9.2,3


Assorted gains in the housing sector

New home buying increased 5.4% in July, the Commerce Department stated last week; the median new home price was up 2.0% year-over-year. Existing home prices (as measured by the 20-city S&P/Case-Shiller home price index) were up 5.0% annually through June. The National Association of Realtors noted a 0.5% rise for its pending home sales index in July, taking its annual advance to 7.4%.4,5



Citations

1 - reuters.com/article/2015/08/28/us-markets-global-idUSKCN0QX01U20150828 [8/28/15]2 - thestreet.com/story/13270473/1/stocks-end-frantic-week-with-only-modest-gains.html [8/28/15]
3 - briefing.com/investor/calendars/economic/2015/08/24-28 [8/28/15]
4 - usatoday.com/story/money/business/2015/08/25/new-home-sales-july/32295169/ [8/25/15]
5 - news.morningstar.com/articlenet/article.aspx?id=713100 [8/27/15]
6 - markets.wsj.com/us [8/28/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F28%2F14&x=0&y=0 [8/28/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F28%2F14&x=0&y=0 [8/28/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F28%2F14&x=0&y=0 [8/28/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F27%2F10&x=0&y=0 [8/28/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F27%2F10&x=0&y=0 [8/28/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F27%2F10&x=0&y=0 [8/28/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F29%2F05&x=0&y=0 [8/28/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F29%2F05&x=0&y=0 [8/28/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F29%2F05&x=0&y=0 [8/28/15]
8 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [8/28/15]
9 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [8/28/15]

 



Subscribe
Disclosures

To our readers
Everything in the newsletter pertains to strategies available on our Strategic Solutions platform at Trust Company of America. The same strategies are implemented on many other products: mutual funds, variable annuity, variable life and retirement platforms. Therefore, we expect the strategic discussion may be of interest to you. Note, however, that since these products have their own subaccount and fund universes and different internal expenses, the results and trading of the same strategy on other platforms may differ substantially from those described herein.

Managed Retirement Plan Participants:
Most of you are managed using Lifetime Evolution and our sub-advised funds, so those topics will be most applicable to your account. But, more and more of you are in plans using Market Leaders. If so, that newsletter section may interest you

Tags

“fiscal cliff” 2008 2011 2012 2015 Active Investing Active Investment Management Active Management actively managed strategies all-cap equity all-cap equity fund all-cap fund all-cap low debt alternative investment alternative investment fund Apple asset classes Bank of Japan Black Swan bonds bull market bullion Buy and Hold buy and hold investing Buy the dips central bank Chairman Bernanke China comex Commodities consumer confidence consumer confidence index consumer price index consumer sentiment consumer sentiment index crude deflation diversification diversified portfolio djia Dollar dow Dow Jones Industrial Average Dynamic Risk-Managed Investing earnings earnings reporting season earnings reports economic reports election year etf ETFs Euro Europe European Central Bank European Union Federal Reserve financial advisor flexible plan investments FUSION GDP Gold Gold Bullion gold bullion strategy fund gold etf gold futures Google Government Shutdown greece holiday hours home sales inflation interest rates international monetary fund investing investor sentiment ira Italy janet yellen japan jerry wagner jobs report june 2015 Last week in the market managed bond fund MAPS market environment market environment indicator market leaders market leaders fund market volatility mei Microsoft Modern Portfolio Theory Multi-strategy Allocation Portfolios mutual fund mutual funds naaim NASDAQ NASDAQ 100 National Association of Active Investment Managers Netflix nymex Obamacare oil oil prices OnTarget OnTarget Investing OnTarget Monitor passive investing peak gold personal spending pmi Political Seasonality Index portfolio portfolio diversification President Obama Presidential Election Year producer price index qaltx QGLDX qmlfx quantified all-cap equity fund quantified alternative investment fund quantified funds quantified managed bond fund quantified market leaders fund Quantitative Easing retail sales risk management Russell 2000 S&P 500 S&P 500 Index s&p S&P 500 sales conference SAS schwab self-adjusting trend following Spain stock market Stocks strategic diversification strategically diversified portfolios Tag Thanksgiving The Gold Bullion Strategy Fund The Gold Bullion Strategy Fund (QGLDX) Trust Company of America Ukraine US Dollar us dollar index us equity markets US stock market VIX volatility Warren Buffett world gold council yuan