Just a Reminder...

Take gains on PAGP and KKR if you haven't. Both slipped under their 20-day moving averages. And this period is about to get interesting.

Good morning:

A quick follow-up. First, if you have gains on the portfolio, take gains now.

Everything in that portfolio is back under the 20-day moving average, and something is coming. You’re going to want to have cash. I will keep tracking performance because that’s the point - it’s a two-year buy-and-hold strategy. But this is a different environment, and we’ll shake up that strategy for the future.

I want to stress that something is very wrong in the equity markets, and I don’t know what it is yet.

You’ll hear headlines about inflation levels, the Fed’s rate policies, and maybe tariffs.

However, the reality is that these sorts of moves are typically related to a clog in the global financial pipes.

MicroSectors FANG+ Index -3X Inverse Leveraged ETNs (FNGD) continues to break out. It’s up another 8% today. I stress that this is extremely bearish and signals something is off. These aren’t shares of FANG stocks. This is an IOU on debt for that sector. This inverse 3x ETF tends to surg…