High Yield hit stop-loss levels and is back to a sell. Investor pessimism moved to extreme. Such periods of extreme pessimism have historically been short-term bullish for equities. High-quality bonds remain in a buy signal. The equity market uptrend remains in place (though weakening). The CMG Ned Davis Research Large Cap Momentum Index continues to suggest caution.
Managed futures funds performed well through the Brexit crisis. The theme remains the same: equity valuations are high, fixed income yields are low. Include a portfolio weighting to flexible/unconstrained strategies, such as tactical fixed income, tactical equity and liquid managed futures.