Tactical Update: November 11, 2025 (PREMIUM-UNLOCKED)

**This Premium Post was originally issued to TLS members on November 11, 2025.**

A silver lining??

Breadth is marginally better in day 2 of this weeks rebound. It is still too early to speculate on a potential whiplash and reversal higher, however. Furthermore, New Low data continues to be troubling given the proximity of the major averages to their all-time highs. As such, we will continue to trim long exposure into the bounce. Additionally, silver (SLV) has bounced to the 61.8% Fib Retracement of the recent pullback. We’ll add a bit more to our short-term hedge there:

• We sold our position in the financials fund, XLF, near ~53.22
• We added to our hedge position in the inverse silver fund, ZSL, near ~11.99 (-2% short exposure now, with leverage)
• *UPDATE: We sold 1/3 of our position in the silver fund, SLV, near ~46.40 (1% exposure now)*

That’s all for now. Check back on this post throughout the day for further portfolio moves. And as always, stay tuned to our DSS posts for further developments — they provide the most current updates to our investment portfolio and outlook.

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Disclaimer: JLFMI’s actual investment decisions are based on our proprietary models. Commentary provided here is for informational purposes only and should not be taken as a recommendation to invest in any specific securities or according to any specific methodologies. Proper due diligence should be performed before investing in any investment vehicle. There is a risk of loss involved in all investments.