We’ve added this piece this morning because we imagine a few more “active” subscribers are wondering why we aren’t looking to trade US stocks from the short side. We indeed considered it but the risk/reward is poor, even with a leveraged ETF like the BBUS. Assuming we are correct and the S&P 500 does pullback around 6% the BBUS will gain 10-15% at best, while we slowly lose money if nothing happens. Simply all too hard, we would rather be patient looking for buying opportunities moving forward.