The model score today has remained steady at -81. This means that the market has not improved with price.  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.  That is probably still weeks away.

The Histogram we published yesterday continues to hold true: the returns that can be expected when the model has a very low score are very elevated with a long right tail.  Better timing opportunities and/or prices certainly lie ahead.

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.

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