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Performances

Best performers for the month were the Maximum Yield Strategy (+17.5%), followed by the US Market strategy 2x.

End of Year Performance

November ended on a good note as the S&P 500 added 3% on Wednesday, closing the month at +5.4%. The 30-Year Treasury ETF (TLT) rose an impressive +6.7%. Gold was up 8.1%.

How is it that all three asset classes were up during that same month? The answer is in the dollar index. When the price of DXY falls, it is common that the three, usually non-correlated asset classes will rise in tandem.

We should note that although 30-year yields fell to 3.8%, 1-year Treasury yields did not follow and instead remained at 4.8%. You can see this resulted in a highly inverted yield curve.

Courtesy of ustreasuryyieldcurve.com

What that means is up to interpretation. Let’s not forget we are moving into an equity-bullish Christmas season.

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