The model score today has remained steady at -84, the same as yesterday. This means that the market is not improving with price or deteriorating with lower prices.  In other words, the spreads are all still firmly stuck in a negative pattern.  As we warned, large up moves are likely to move the score initially very little.  What will move the score and eventually give a BUY signal is sideways spread action which allows the moving averages to catch up and eventually a breath thrust that will take spread prices through them.  We are happy to wait patiently in Risk Off until that happens.

Better timing opportunities and/or prices certainly lie ahead.

Owners of  ICE should check to see if this securities are still needed in their portfolio, as the picture is rapidly deteriorating in this name.

We are still in full Risk Off, invested in TLT.

I would still advise extreme caution and lightening up of individual names which are underperforming the market into rallies.