Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
What I am going to do this morning is tell you 3 incremental #Quad3 USA moves I am going to make next:
No, I didn’t make these moves during another episodic-and-non-TRENDING US Equity Volatility Spike that ended on Monday of this week. I don’t chase charts like a panting dog. I don’t puke and panic at the low-end of my Risk Ranges either.
After people do that, I make my moves. Patience is core to the #process, don’t forget.
And yes, I go both ways and I like it. Not only is shorting the Financials (XLF) a new move, it’s one that comes after a big time bounce off the low-end of the XLF Risk Range, taking SPY to within -0.6% of her ALL-TIME closing highs.
Yes, all-time is a long time. Neither SPY nor QQQ (which is only -0.7% from its all-time closing high) is signaling anything but #Quad2 phase transitioning into #Quad3 either.