Is my impression that you are not a big investor or trader for you report little change or positions. Is this right? How big is your organization? The impression is you do everything yourself, if so, that is quite remarkable, you are a renaissance man indeed!

Eoin Treacy's view

Thank you for your kind words and this question which may be of interest to subscribers. I write the daily commentary and record the daily audio/video. It’s a labour of love but I also consult for a number of funds, family offices and sit on the board of a trust company. Sarah handles subscriptions. We rely on third party programmers to manage the Chart Library; albeit with varying success. There is no way I would be able to compile the service without the aid of the Collective of subscribers. It is the constant input and sharing of experience throughout the community that allows us to gain insight into how the market tapestry is unfolding. For that shared education I am eternally grateful.

I was a lot more active when I first started trading but experience has led me to tailor my approach to what suits my temperament. I hate losing money. I generally try to participate when I believe the odds are heavily in my favour and I try not to trade just for trading’s sake. That means I want the chart to be compelling and the background to be positive. I favour buying on weakness but will also buy breakouts when there is a clear bullish catalyst.

I don’t have any open trades at the moment. I sold my gold and silver a month ago and I’ve been waiting for a decline to reinitiate positions. So far, that has not been a fruitful strategy. I am getting impatient with waiting and am coming around to the idea that I may buy some now and hold additional liquidity to take advantage of a drawdown. I’m not quite ready to give in yet though.

I invested in the gold miner’s ETF (GDX) in March because it was on sale. I’ll add to that position on weakness. I am looking at making investments in biotech, renewables, industrials, commodities, oil and emerging markets but I have not pulled the trigger yet.

The reason for my reticence is because there is a lot of uncertainty about the trajectory of monetary and fiscal assistance. The Fed’s balance sheet stopped expanding in May. I’ll be a lot happier about pulling the trigger when I see clear evidence of assistance but right now all we have is jawboning. Meanwhile, the clear momentum trade up from the March lows is waning. An increasing number, of previously strong performers, are falling below their 50-day MAs. That suggests, to me at least, that patience will be rewarded.