(Harvest) Short-term trading as measured by the SG index has continued to beat the longer-term managed futures SG index. This performance is a difference between smooth and rough trading. Short-term trading can be smoother because it should not be affected by stronger and longer reversals from key news events. The idea behind short-term trading is to exploit dislocations which may only last at most a few days and then move back to cash and await another event. Longer-term trading as often embraced by the trend-following will expect to gain more by market dislocations but also risk more before being stopped-out or reversed.