We are currently in a defensive mode, and it has protected our client’s assets from a significant correction. We don’t see this changing unless the market shows some significant improvement and starts to trend up. We could also get a buy signal if we get a capitulation sell off. Our high to low draw down in the third quarter was -4.62% whereas the S&P 500 fell roughly -13% from high to low. Our strategy works off of moving averages, or technical analysis, and has no fundamental input. As a result if the trend is down we are defensive and if the market trend is up we are invested.

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PVG – Dynamic Core Monthly Update (October 2015)