SYNOPSIS
After the devastation the previous week, the results for last week were mixed, with Nasdaq S&P/TSX, S&P 500 and DJI advancing, while S&P/TSX Small Cap and S&P/TSX Venture Indexes fell. Some would call this a “rush to quality” during uncertain times. As far as we’re concerned, it just is what it is. Meanwhile everyone has forgotten that Portugal even exists; and the major markets advanced, in spite of the fact that the US continues to endorse the Israeli massacre of Palestinians and escalates a cold-war with Russia. (Just a quick reminder of our discussion last week.)

ProfiTrend Portfolio… Our PTP annualized growth rate is now at 34%. That’s quite low by our standards, but still above the comparable stats for the S&P 500 (16%) and the S&P/TSX Composite Index (12%).

Seasonality… We offer a sneak preview of what to expect in August in terms of calendar effects. Hint: The picture isn’t pretty.
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State Street Investor Confidence Index… We continue to post the latest monthly results from this key measure of “smart money” confidence for June. Institutional investors continue to pour billions into equities as they pull money out of “risk-less” bonds. The current global index is at 119.5. 100 is considered the neutral point in the balance between risky (stocks) and diskless (bonds) asset holdings.

Topic of the Week… Under the Aspect of Eternity: Exponential Moving Averages
This week’s topic delves a little deeper into the underlying math of the relative trend analysis™ (RTA) framework. We use exponential moving averages for most of our calculations, as opposed to simple or arbitrarily-weighted moving averages. We remind you why that’s the case, then go on to explain that there is also more than one way to calculate exponential moving averages. That’s where it gets interesting. More below.