September 23, 2022: We are recommending the following changes…

• Reduce the Materials Select Sector SPDR ETF (symbol: XLB) from 4% to 2%.
• Reduce the Invesco S&P 500 Equal-Weighted Technology ETF (symbol: RYT) from 8% to 6%.

In light of the continued technical deterioration, monetary pressures, and housing risks, we are incrementally increasing our defenses as warranted by the weight of the evidence. The Model Fund Portfolio now has a “net” invested allocation of 40% (52% long positions and 12% in an inverse index ETF), and positioning remains at full bear market status as we prepare for the probability of further downside in the market.