Portfolio Update - Looking for Signs of Capitulation to Cover Shorts into Fed meeting

$/cnh breakout was great catalyst to cut reflation bets and press the risk off book. While the Fed still has a lot of tightening to do, we'll use tactical signals to cover some shorts if we see them.

In my update from last Wednesday, I discussed that big moves in $/CNH throughout history have often led to mini-deflationary bust periods that were risk-off in nature.

$/CNH moves accelerating. Need to cut reflation bets

That was a timely call as this …