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	Out of sample performance summary of our models for the past 1, 2, 4 and 13 week periods. The active active return indicates how the models over- or underperformed the benchmark ETF SPY. Also the YTD, and the 1-, 3-, 5- and 10-year annualized returns are shown in the second table
	iM-Inflation Attuned Multi-Model Market Timer: The model’s out of sample performance YTD is 20.5%, and for the last 12 months is 18.9%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of the iM-Inflation Attuned Multi-Model Market Timer gained -0.07% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 3/24/2017 would have grown to $149,065,110 which includes -$74,789 cash and excludes $3,953,990 spent on fees and slippage.
	iM-Conference Board LEIg Timer: The model’s performance YTD is 14.3%, and for the last 12 months is 7.3%. Over the same period the benchmark SPY performance was 20.1% and 9.4% respectively. Over the previous week the market value of the iM-Conference Board LEIg Timer gained 0.28% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 4/5/2017 would have grown to $651,633 which includes $21,982 cash and excludes $763 spent on fees and slippage.
	iM-FlipSaver 60:40 | 20:80 – 2017: The model’s out of sample performance YTD is 4.6%, and for the last 12 months is 3.0%. Over the same period the benchmark E60B40 performance was 12.4% and 11.4% respectively. Over the previous week the market value of iM-FlipSaver 80:20 | 20:80 gained 0.54% at a time when SPY gained 0.53%. A starting capital of $100,000 at inception on 7/16/2015 would have grown to $179,165 which includes $1,001 cash and excludes $5,249 spent on fees and slippage.
	iM-FlipSaver 70:30 | 20:80 – 2017: The model’s out of sample performance YTD is 3.9%, and for the last 12 months is 2.3%. Over the same period the benchmark E60B40 performance was 12.4% and 11.4% respectively. Over the previous week the market value of iM-FlipSaver 70:30 | 20:80 gained 0.54% at a time when SPY gained 0.53%. A starting capital of $100,000 at inception on 7/15/2015 would have grown to $186,610 which includes $1,086 cash and excludes $5,507 spent on fees and slippage.
	iM-FlipSaver 80:20 | 20:80 – 2017: The model’s out of sample performance YTD is 3.3%, and for the last 12 months is 1.5%. Over the same period the benchmark E60B40 performance was 12.4% and 11.4% respectively. Over the previous week the market value of iM-FlipSaver 80:20 | 20:80 gained 0.54% at a time when SPY gained 0.53%. A starting capital of $100,000 at inception on 1/2/2017 would have grown to $193,968 which includes $1,138 cash and excludes $5,756 spent on fees and slippage.
	iM-5HedgeFundSelect: Since inception, on 1/5/2016, the model gained 891.19% while the benchmark SPY gained 285.89% over the same period. Over the previous week the market value of iM-5HedgeFundSelect gained 1.07% at a time when SPY gained 0.46%. A starting capital of $25,000 at inception on 1/5/2016 would have grown to $245,301 which includes $6,099 cash and excludes $2,969 spent on fees and slippage.
	iM-10LargeHedgeFundSelect: Since inception, on 1/5/2016, the model gained 667.88% while the benchmark SPY gained 285.89% over the same period. Over the previous week the market value of iM-10LargeHedgeFundSelect gained -0.38% at a time when SPY gained 0.46%. A starting capital of $25,000 at inception on 1/5/2016 would have grown to $191,970 which includes -$642 cash and excludes $1,928 spent on fees and slippage.
	iM-Top5(QQQ)Select: Since inception, on 1/5/2016, the model gained 1416.70% while the benchmark SPY gained 285.89% over the same period. Over the previous week the market value of iM-Top5(QQQ)Select gained 0.56% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $1,516,696 which includes $23,666 cash and excludes $21,634 spent on fees and slippage.
	iM-Top5(XLB)Select: Since inception, on 1/5/2016, the model gained 208.50% while the benchmark SPY gained 285.89% over the same period. Over the previous week the market value of iM-Top5(XLB)Select gained -1.03% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $308,503 which includes $37,998 cash and excludes $17,004 spent on fees and slippage.
	iM-Top5(XLI)Select: Since inception, on 1/5/2016, the model gained 400.24% while the benchmark SPY gained 285.89% over the same period. Over the previous week the market value of iM-Top5(XLI)Select gained 2.43% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $500,243 which includes $1,741 cash and excludes $8,409 spent on fees and slippage.
	iM-Top5(XLK)Select: Since inception, on 1/5/2016, the model gained 770.72% while the benchmark SPY gained 285.89% over the same period. Over the previous week the market value of iM-Top5(XLK)Select gained 0.99% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $870,724 which includes $4,971 cash and excludes $3,016 spent on fees and slippage.
	iM-Top5(XLP)Select: Since inception, on 1/5/2016, the model gained 222.90% while the benchmark SPY gained 285.89% over the same period. Over the previous week the market value of iM-Top5(XLP)Select gained -5.39% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $322,896 which includes $2,141 cash and excludes $3,015 spent on fees and slippage.
	iM-Top5(XLV)Select: Since inception, on 1/5/2016, the model gained 401.76% while the benchmark SPY gained 285.89% over the same period. Over the previous week the market value of iM-Top5(XLV)Select gained 2.77% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $501,757 which includes $7,609 cash and excludes $19,890 spent on fees and slippage.
	iM-Top5(XLU)Select: Since inception, on 1/5/2016, the model gained 204.71% while the benchmark SPY gained 285.89% over the same period. Over the previous week the market value of iM-Top5(XLU)Select gained 0.30% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $304,706 which includes -$970 cash and excludes $17,964 spent on fees and slippage.
	iM-Top5(XLY)Select: Since inception, on 1/5/2016, the model gained 336.54% while the benchmark SPY gained 285.89% over the same period. Over the previous week the market value of iM-Top5(XLY)Select gained 1.10% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $436,539 which includes $2,407 cash and excludes $7,590 spent on fees and slippage.
	iM-Seasonal Super-Sectors (Top5 combo) : Since inception, on 11/17/2020, the model gained 98.98% while the benchmark SPY gained 100.31% over the same period. Over the previous week the market value of iM-Seasonal Super-Sectors (Top5 combo) gained 1.32% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 11/17/2020 would have grown to $198,982 which includes $9,016 cash and excludes $00 spent on fees and slippage.
	iM-Dividend Growth Portfolio: The model’s out of sample performance YTD is 6.3%, and for the last 12 months is 2.6%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of the iM-Dividend Growth Portfolio gained 0.79% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $514,442 which includes $3,930 cash and excludes $14,300 spent on fees and slippage.
	iM-Gold Momentum Timer (AU, NEM, SBSW): The model’s out of sample performance YTD is 277.9%, and for the last 12 months is 236.1%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of iM-Gold Momentum Timer (AU, NEM, SBSW) gained 9.82% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $01 which includes $171,911 cash and excludes Gain to date spent on fees and slippage.
	iM-ModSum/YieldCurve Timer: The model’s out of sample performance YTD is 20.1%, and for the last 12 months is 20.2%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of iM-PortSum/YieldCurve Timer gained 0.81% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/1/2016 would have grown to $385,248 which includes $2,215 cash and excludes $2,213 spent on fees and slippage.
	iM-Best(SPY-SH).R1: The model’s out of sample performance YTD is -6.4%, and for the last 12 months is -7.5%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively.. A starting capital of $100,000 at inception on 1/2/2009 would have grown to $67,435 which includes $562 cash and excludes $2,818 spent on fees and slippage.
	iM-Combo3.R1: The model’s out of sample performance YTD is -7.4%, and for the last 12 months is -8.1%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of iM-Combo3.R1 gained 0.26% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 2/3/2014 would have grown to $195,258 which includes $6,371 cash and excludes $8,520 spent on fees and slippage.
	iM-Best10(VDIGX)-Trader: The model’s out of sample performance YTD is 4.2%, and for the last 12 months is 1.0%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Since inception, on 7/1/2014, the model gained 262.22% while the benchmark SPY gained 314.23% and VDIGX gained 68.44% over the same period. Over the previous week the market value of iM-Best10(VDIGX) gained 0.70% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 7/1/2014 would have grown to $362,219 which includes $1,319 cash and excludes $5,493 spent on fees and slippage.
	iM 6-Stock Capital Strength Portfolio: The model’s out of sample performance YTD is -6.1%, and for the last 12 months is -13.6%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of the iM 6-Stock Capital Strength Portfolio gained 1.37% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 10/28/2016 would have grown to $251,474 which includes $2,230 cash and excludes $4,323 spent on fees and slippage.
	iM-Best12(USMV)-Trader: The model’s out of sample performance YTD is 20.0%, and for the last 12 months is 16.2%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Since inception, on 6/30/2014, the model gained 310.40% while the benchmark SPY gained 314.23% and the ETF USMV gained 209.88% over the same period. Over the previous week the market value of iM-Best12(USMV)-Trader gained -1.40% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 6/30/2014 would have grown to $410,398 which includes $408 cash and excludes $8,744 spent on fees and slippage.
	iM-Min Volatility(USMV) Investor (Tax Efficient): The model’s out of sample performance YTD is 15.5%, and for the last 12 months is 6.2%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Since inception, on 1/3/2013, the model gained 1016.32% while the benchmark SPY gained 471.80% and the ETF USMV gained 471.80% over the same period. Over the previous week the market value of iM-Best12(USMV)Q1 gained -0.52% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/3/2013 would have grown to $1,116,322 which includes $423 cash and excludes $14,948 spent on fees and slippage.
	iM-Bond Market Trader (High-Yield Bond or 10-yr Treasury Bond): The model’s out of sample performance YTD is 7.0%, and for the last 12 months is 6.4%. Over the same period the benchmark BND performance was 7.2% and 6.9% respectively. Over the previous week the market value of the iM-Bond Market Trader (High-Yield Bond or 10-yr Treasury Bond) gained 0.82% at a time when BND gained 0.61%. A starting capital of $10,000 at inception on 1/3/2000 would have grown to $149,987 which includes $571 cash and excludes $2,855 spent on fees and slippage.
	iM-ModSum/YieldCurve Timer: The model’s out of sample performance YTD is 20.1%, and for the last 12 months is 20.2%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of iM-PortSum/YieldCurve Timer gained 0.81% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 1/1/2016 would have grown to $385,248 which includes $2,215 cash and excludes $2,213 spent on fees and slippage.
	iM-Best2 MC-Score ETF System: The model’s out of sample performance YTD is 5.2%, and for the last 12 months is 1.1%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of the iM-Best2 MC-Score ETF System gained 0.10% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $185,643 which includes $85 cash and excludes $5,761 spent on fees and slippage.
	iM-Best4 MC-Score Vanguard System: The model’s out of sample performance YTD is 7.1%, and for the last 12 months is 1.6%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of the iM-Best4 MC-Score Vanguard System gained 0.29% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $184,043 which includes $2,443 cash and excludes $00 spent on fees and slippage.
	iM-Composite (SPY-IEF) Timer: The model’s out of sample performance YTD is 1.2%, and for the last 12 months is -0.1%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of the iM-Composite (SPY-IEF) Timer gained 0.81% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $217,838 which includes $1,257 cash and excludes $8,216 spent on fees and slippage.
	iM-Composite(Gold-Stocks-Bond) Timer: The model’s out of sample performance YTD is 57.1%, and for the last 12 months is 52.3%. Over the same period the benchmark SPY performance was 15.1% and 13.7% respectively. Over the previous week the market value of the iM-Composite(Gold-Stocks-Bond) Timer gained 2.29% at a time when SPY gained 0.46%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $387,311 which includes $36 cash and excludes $9,190 spent on fees and slippage.

	Out of sample performance summary of our models for the past 1, 2, 4 and 13 week periods. The active active return indicates how the models over- or underperformed the benchmark ETF SPY. Also the YTD, and the 1-, 3-, 5- and 10-year annualized returns are shown in the second table
	iM-Inflation Attuned Multi-Model Market Timer: The model’s out of sample performance YTD is 24.9%, and for the last 12 months is 23.5%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of the iM-Inflation Attuned Multi-Model Market Timer gained -0.78% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 3/24/2017 would have grown to $154,498,014 which includes -$74,789 cash and excludes $3,953,990 spent on fees and slippage.
	iM-Conference Board LEIg Timer: The model’s performance YTD is 14.3%, and for the last 12 months is 7.3%. Over the same period the benchmark SPY performance was 20.1% and 9.4% respectively. Over the previous week the market value of the iM-Conference Board LEIg Timer gained 0.60% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 4/5/2017 would have grown to $655,211 which includes $21,982 cash and excludes $763 spent on fees and slippage.
	iM-FlipSaver 60:40 | 20:80 – 2017: The model’s out of sample performance YTD is 4.3%, and for the last 12 months is 2.4%. Over the same period the benchmark E60B40 performance was 13.4% and 11.9% respectively. Over the previous week the market value of iM-FlipSaver 80:20 | 20:80 gained 0.15% at a time when SPY gained -0.13%. A starting capital of $100,000 at inception on 7/16/2015 would have grown to $178,757 which includes $1,001 cash and excludes $5,249 spent on fees and slippage.
	iM-FlipSaver 70:30 | 20:80 – 2017: The model’s out of sample performance YTD is 3.7%, and for the last 12 months is 1.8%. Over the same period the benchmark E60B40 performance was 13.4% and 11.9% respectively. Over the previous week the market value of iM-FlipSaver 70:30 | 20:80 gained 0.15% at a time when SPY gained -0.13%. A starting capital of $100,000 at inception on 7/15/2015 would have grown to $186,185 which includes $1,086 cash and excludes $5,507 spent on fees and slippage.
	iM-FlipSaver 80:20 | 20:80 – 2017: The model’s out of sample performance YTD is 3.1%, and for the last 12 months is 1.1%. Over the same period the benchmark E60B40 performance was 13.4% and 11.9% respectively. Over the previous week the market value of iM-FlipSaver 80:20 | 20:80 gained 0.15% at a time when SPY gained -0.13%. A starting capital of $100,000 at inception on 1/2/2017 would have grown to $193,527 which includes $1,138 cash and excludes $5,756 spent on fees and slippage.
	iM-5HedgeFundSelect: Since inception, on 1/5/2016, the model gained 931.18% while the benchmark SPY gained 293.22% over the same period. Over the previous week the market value of iM-5HedgeFundSelect gained 0.43% at a time when SPY gained -0.28%. A starting capital of $25,000 at inception on 1/5/2016 would have grown to $255,299 which includes -$4,521 cash and excludes $2,850 spent on fees and slippage.
	iM-10LargeHedgeFundSelect: Since inception, on 1/5/2016, the model gained 701.29% while the benchmark SPY gained 293.22% over the same period. Over the previous week the market value of iM-10LargeHedgeFundSelect gained -2.46% at a time when SPY gained -0.28%. A starting capital of $25,000 at inception on 1/5/2016 would have grown to $200,321 which includes $502 cash and excludes $1,889 spent on fees and slippage.
	iM-Top5(QQQ)Select: Since inception, on 1/5/2016, the model gained 1484.24% while the benchmark SPY gained 293.22% over the same period. Over the previous week the market value of iM-Top5(QQQ)Select gained -0.97% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $1,584,239 which includes $22,462 cash and excludes $21,634 spent on fees and slippage.
	iM-Top5(XLB)Select: Since inception, on 1/5/2016, the model gained 220.92% while the benchmark SPY gained 293.22% over the same period. Over the previous week the market value of iM-Top5(XLB)Select gained 2.78% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $320,920 which includes -$630 cash and excludes $16,875 spent on fees and slippage.
	iM-Top5(XLI)Select: Since inception, on 1/5/2016, the model gained 400.78% while the benchmark SPY gained 293.22% over the same period. Over the previous week the market value of iM-Top5(XLI)Select gained 0.68% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $500,777 which includes -$4,422 cash and excludes $8,195 spent on fees and slippage.
	iM-Top5(XLK)Select: Since inception, on 1/5/2016, the model gained 791.04% while the benchmark SPY gained 293.22% over the same period. Over the previous week the market value of iM-Top5(XLK)Select gained -1.60% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $891,039 which includes $3,887 cash and excludes $3,016 spent on fees and slippage.
	iM-Top5(XLP)Select: Since inception, on 1/5/2016, the model gained 250.22% while the benchmark SPY gained 293.22% over the same period. Over the previous week the market value of iM-Top5(XLP)Select gained -3.12% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $350,222 which includes $1,178 cash and excludes $3,015 spent on fees and slippage.
	iM-Top5(XLV)Select: Since inception, on 1/5/2016, the model gained 387.60% while the benchmark SPY gained 293.22% over the same period. Over the previous week the market value of iM-Top5(XLV)Select gained -2.63% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $487,597 which includes $7,380 cash and excludes $19,890 spent on fees and slippage.
	iM-Top5(XLU)Select: Since inception, on 1/5/2016, the model gained 202.47% while the benchmark SPY gained 293.22% over the same period. Over the previous week the market value of iM-Top5(XLU)Select gained 1.65% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $302,471 which includes $819 cash and excludes $17,817 spent on fees and slippage.
	iM-Top5(XLY)Select: Since inception, on 1/5/2016, the model gained 342.55% while the benchmark SPY gained 293.22% over the same period. Over the previous week the market value of iM-Top5(XLY)Select gained 2.12% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/5/2016 would have grown to $442,548 which includes $2,140 cash and excludes $7,590 spent on fees and slippage.
	iM-Seasonal Super-Sectors (Top5 combo) : Since inception, on 11/17/2020, the model gained 100.20% while the benchmark SPY gained 104.12% over the same period. Over the previous week the market value of iM-Seasonal Super-Sectors (Top5 combo) gained 0.73% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 11/17/2020 would have grown to $200,202 which includes $2,244 cash and excludes $00 spent on fees and slippage.
	iM-Dividend Growth Portfolio: The model’s out of sample performance YTD is 8.2%, and for the last 12 months is 4.4%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of the iM-Dividend Growth Portfolio gained -1.38% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $523,515 which includes $2,567 cash and excludes $14,300 spent on fees and slippage.
	iM-Gold Momentum Timer (AU, NEM, SBSW): The model’s out of sample performance YTD is 255.7%, and for the last 12 months is 197.5%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of iM-Gold Momentum Timer (AU, NEM, SBSW) gained 8.70% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $01 which includes $171,911 cash and excludes Gain to date spent on fees and slippage.
	iM-ModSum/YieldCurve Timer: The model’s out of sample performance YTD is 19.1%, and for the last 12 months is 18.7%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of iM-PortSum/YieldCurve Timer gained 0.06% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/1/2016 would have grown to $382,178 which includes $2,215 cash and excludes $2,213 spent on fees and slippage.
	iM-Best(SPY-SH).R1: The model’s out of sample performance YTD is -4.6%, and for the last 12 months is -6.2%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively.. A starting capital of $100,000 at inception on 1/2/2009 would have grown to $68,706 which includes $562 cash and excludes $2,818 spent on fees and slippage.
	iM-Combo3.R1: The model’s out of sample performance YTD is -7.7%, and for the last 12 months is -9.1%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of iM-Combo3.R1 gained 0.05% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 2/3/2014 would have grown to $194,746 which includes $6,371 cash and excludes $8,520 spent on fees and slippage.
	iM-Best10(VDIGX)-Trader: The model’s out of sample performance YTD is 4.3%, and for the last 12 months is 3.1%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Since inception, on 7/1/2014, the model gained 262.41% while the benchmark SPY gained 322.10% and VDIGX gained 66.77% over the same period. Over the previous week the market value of iM-Best10(VDIGX) gained 0.51% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 7/1/2014 would have grown to $362,409 which includes $847 cash and excludes $5,493 spent on fees and slippage.
	iM 6-Stock Capital Strength Portfolio: The model’s out of sample performance YTD is -8.1%, and for the last 12 months is -12.1%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of the iM 6-Stock Capital Strength Portfolio gained -0.51% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 10/28/2016 would have grown to $246,116 which includes $698 cash and excludes $4,323 spent on fees and slippage.
	iM-Best12(USMV)-Trader: The model’s out of sample performance YTD is 21.4%, and for the last 12 months is 17.0%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Since inception, on 6/30/2014, the model gained 315.21% while the benchmark SPY gained 322.10% and the ETF USMV gained 209.15% over the same period. Over the previous week the market value of iM-Best12(USMV)-Trader gained -0.06% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 6/30/2014 would have grown to $415,209 which includes $139 cash and excludes $8,744 spent on fees and slippage.
	iM-Min Volatility(USMV) Investor (Tax Efficient): The model’s out of sample performance YTD is 16.8%, and for the last 12 months is 9.0%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Since inception, on 1/3/2013, the model gained 1028.87% while the benchmark SPY gained 482.67% and the ETF USMV gained 482.67% over the same period. Over the previous week the market value of iM-Best12(USMV)Q1 gained 1.18% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/3/2013 would have grown to $1,128,866 which includes $15,300 cash and excludes $14,802 spent on fees and slippage.
	iM-Bond Market Trader (High-Yield Bond or 10-yr Treasury Bond): The model’s out of sample performance YTD is 6.1%, and for the last 12 months is 4.1%. Over the same period the benchmark BND performance was 6.7% and 5.7% respectively. Over the previous week the market value of the iM-Bond Market Trader (High-Yield Bond or 10-yr Treasury Bond) gained 0.06% at a time when BND gained 0.08%. A starting capital of $10,000 at inception on 1/3/2000 would have grown to $148,790 which includes $571 cash and excludes $2,855 spent on fees and slippage.
	iM-ModSum/YieldCurve Timer: The model’s out of sample performance YTD is 19.1%, and for the last 12 months is 18.7%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of iM-PortSum/YieldCurve Timer gained 0.06% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 1/1/2016 would have grown to $382,178 which includes $2,215 cash and excludes $2,213 spent on fees and slippage.
	iM-Best2 MC-Score ETF System: The model’s out of sample performance YTD is 4.7%, and for the last 12 months is 1.2%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of the iM-Best2 MC-Score ETF System gained 0.84% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $184,738 which includes $57 cash and excludes $5,759 spent on fees and slippage.
	iM-Best4 MC-Score Vanguard System: The model’s out of sample performance YTD is 7.2%, and for the last 12 months is 1.4%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of the iM-Best4 MC-Score Vanguard System gained 0.62% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $184,244 which includes $2,443 cash and excludes $00 spent on fees and slippage.
	iM-Composite (SPY-IEF) Timer: The model’s out of sample performance YTD is 0.4%, and for the last 12 months is -1.3%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of the iM-Composite (SPY-IEF) Timer gained 0.06% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $216,103 which includes $1,257 cash and excludes $8,216 spent on fees and slippage.
	iM-Composite(Gold-Stocks-Bond) Timer: The model’s out of sample performance YTD is 56.4%, and for the last 12 months is 52.7%. Over the same period the benchmark SPY performance was 17.3% and 15.3% respectively. Over the previous week the market value of the iM-Composite(Gold-Stocks-Bond) Timer gained 2.58% at a time when SPY gained -0.28%. A starting capital of $100,000 at inception on 6/30/2016 would have grown to $385,464 which includes $36 cash and excludes $9,190 spent on fees and slippage.

Bond-market:

The Yield Curve:

 

 

 

Silver:

Stock-markets:

The MAC-US model is invested since mid June 2025,

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The MAC-AU model is dis-invested from the Australian stock market sine end April 2025.

This model and its application is described in MAC-Australia: A Moving Average Crossover System for Superannuation Asset Allocations.

 

Recession:

 

   BCIg is not signaling a recession.

 

 

 

The growth of the Conference Board’s Leading Economic Indicator does not signal a recession.

 

 

 

The Forward Rate Ratio between the 2-year and 10-year U.S. Treasury yields (FRR2-10) is no longer inverted and the curve is steepening.

A description of this indicator can be found here.

 

 

The iM-Low Frequency Timer switched to bonds on 9/26/2022.

A description of this indicator can be found here.

 

iM-Business Cycle Index

   Updates delayed due to government shutdown

 

 

Unemployment

The 9/1/2025 BLS Employment Situation Report reports that the August 2025 unemployment rate increased by 0.1% to  4.23%. This value is adopted for the September and October unemployment rate

Our UER model does  signal a recession with a recession probability of  40% (see graph).

 

 

CAPE-Cycle-ID

Fig 9a depicts the CAPE-Cycle-ID and the year-on-year rate-of-change of the Shiller CAPE;  the level switched from -2 to 0 end of June 2023 generating a buy  signal. This indicator now invested in the markets. This indicator is described here.

To avoid the bear market, exit stocks when the spread between the 5-month and 25-month moving averages of S&P-real becomes negative and simultaneously the CAPE-Cycle-ID score is 0 or -2. (read more)

 

Estimated Forward 10-Year Returns

The estimated forward 10‐year annualized real return is 4.3% (previous month 4.4%) with a 95% confidence interval 2.8% to 5.8%  (3.0% to 5.0%). Also refer to the  Realized Forward 10-Year Returns vs. Inflation Rate We may be in a rising inflation period with a falling CAPE-MA35 ratio similar to 1964-1973. This implies very low or negative 10 year forward annualized real returns, much lower than the returns indicated by regression analysis shown in the Estimated Forward 10-Year Returns.

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iM-GT Timer

The iM-GT Timer, based on Google Search Trends volume indicator is invested in the stock markets since beginning November 2025. This indicator is described here.

 

 

Trade Weighted USD

Will be updated later, the weekly FRED data series we used was discontinued and replacement series is daily and runs from 2015. We need to adapt our software and graphics first.

 

 

 

TIAA Real Estate Account