Invesco DB Agricultural Fund (DBA US) $19.97

MM’s dichotomy with our position in the DBA ETF is we like it over the next 12-24 months but we believe the next 15-20% move is on the downside. However considering we are only looking for a strong move by the likes of tech into Christmas the logic is easy to understand,  a switch in today’s rapidly evolving market, one which could easily be reversed in early 2023. This is yet another example where the market’s current characteristics cannot be ignored as it simply doesn’t favour some “set and forget” strategies.

• We are always reticent to take profits on a winner to average a loser even if it was part of the pre-laid plan but in this case, we believe it might be the correct move.