The Market Matters Global Macro ETF Portfolio Tracks our top 10 global macro calls, and provide avenues to trade them via ASX and internationally listed Exchange Traded Funds (ETF’s) – Click here to view
The MM Global Macro ETF Portfolio fell -3.8% last week and remains fully invested. The Sprott Physical Uranium Trust (U-U CN) was whacked -9.2% during the week although the underlying uranium price stayed reasonably firm ~$US54, in other words, we saw some decent sized selling which pushed the trust to a deep discount to NTA, which we view as a buying opportunity.
No major changes to our views short term but we are holding a few positions we are looking to cut over the coming weeks:
Sells: iShares Emerging Markets ETF (IEM) and the Betashares NASDAQ ETF (NDQ) into a bounce plus the ProShares Ultra Euro ETF (ULE US) – we are wrong here and looking for an optimum area to cut our losses.
