August 14, 2015
Today we added more exposure to the S&P 500 in our growth models, taking exposure up from 35% to 65%. This is due to sustained support just above our risk-off level.
We believe risk is still high and will continue to add exposure to equities in our other models if we continue to see stability on Monday. We are still ready to reduce and protect against the downside should things deteriorate in the coming days and weeks.
We believe we may be setting up for the first meaningful correction in years but we have to respect our allocation discipline by maximize our opportunities when the risk off level is tight.
We also added 5% to gold miners in our growth and moderate models. We have seen weakness yesterday and today following the move up we saw last week. Gold looks to be oversold and could provide for upside in the event the equity market rolls back over, the dollar falls and if the Fed pushes off rate hikes until after September.
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