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Equity breadth (bullish %) continues to weaken. Transports are a window on demand. $iyt $spy $dia 

Transports look ready to take another leg lower should they break these levels. Barometer portfolios have elevated cash and are hedged with index futures. Should short and long term indicators start to reverse, hedges will come off and cash will be deployed. No sign yet that short term correction has run it’s course.