27 SPYnoon: napping or hibernating?

The absence of discussion about SPY noon isn't because it's stop working.  After SPY's painful fourth quarter I bragged that SPYnoon earned 1.4 % versus a -13.2 % loss in SPY itself. But no bragging about the current quarter since SPYnoon earned only 0.4%  versus a 12.5% gain for SPY. So the model is working but the weak results (1.8% in 6 months) are caused by low activation. Until the last 6 months there'd been a trade signal about once every 10 days. Since Oct 1 there's been a signal once every 25 days!

What might be causing this low activation? SPYnoon depends on world momentum of which Europe is a significant part. During the last 6 months there's been very few large morning rises in  Europe. If Brexit is causing this European weakness then SPY noon is only napping and will hopefully start activating more regularly. If systemic European problems, as mentioned below, are causing the weakness then SPY noon may be in for a long hibernation.

"BRUSSELS/FRANKFURT, April 1 (Reuters) - Euro zone inflation unexpectedly slowed in March, adding to the pressure on the European Central Bank (ECB) as it battles an economic slowdown which threatens to undo years of stimulus.
Headline inflation in the 19 countries sharing the euro slowed to 1.4 percent in March from 1.5 percent a month earlier, short of market expectations for a steady rate and also well below the ECB's target of almost 2 percent."