Equities rally is extended but PCM equity indexes remain long. Although, allocations are to the defensive sectors such as high dividend payers, utilities, and healthcare.

PCM's Bond indexes have moved back to short bonds for the forth time in the last five allocations. Bonds are declining in price across the entire yield curve. As an example even the short term, cash equivalent, Treasury ETF - SHY - lost 2 basis points in the last two weeks.

PCM Commodity Index remains long Cotton (BAL) with a new allocation to Natural Gas.  PCM Absolute Metals Index rotated from short gold to long gold.

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