The market moved in July. The trends didn’t last. All seven benchmarks in the Battle of the Trend Following Indexes finished negative for a second consecutive month. But unlike June, July was not a story about old trends breaking and new ones forming. It was a story about persistence disappearing. Orange Juice surged, then reversed. Cocoa surged, then reversed. Energy broke out, ran for two weeks, then surrendered much of the move. Grains rose across all eight contracts, then fell across all eight. The TTU Trend Barometer swung from 64 to 30 during the month. Yet the seven indexes finished within just 2.0 percentage points of one another. That compression matters. Concentration, diversificat

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