When Convexity Has Nothing to Cut: The Quiet Month April gave us the year's widest dispersion. May gave us the narrowest. Every benchmark in the Battle of the Trend Following Indexes finished May inside roughly one percentage point of the others. Classic Trend led for a second straight month at 1.2%, but the margin was a fraction of April's. The reason sits in the trend environment. The TTU Barometer printed 43, 57, 45, 32 across the four weeks and broke below 40 into Weak territory for the first time in the sequence. Energy reversed direction in three of those four weeks as the Iran and Hormuz cycle swung between escalation and diplomacy, each move undoing the one before it. Here is the le

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