Every index lost money in June. Conditions for trend following improved. Both statements are true, and the reason they sit together is the most useful thing June had to teach. All seven benchmarks in the Battle of the Trend Following Indexes finished the month negative, an inversion of a May in which all seven finished positive. Over the same four weeks the TTU Trend Barometer climbed from 43 to 55, closing at the threshold where Neutral gives way to a favourable environment. The barometer counts trends forming. A portfolio holds trends already formed. Almost all of June's new strength was built on the downside, in petroleum, in the precious metals, in equities rolling over from records, and

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