More or Less: SP500 Levels, Refreshed...

POSITION: Short SPY

Being short the SP500 is 1 of the 10 SHORT positions in the Hedgeye Portfolio that is not working for me right here and now. We have 10 LONG positions that are easy to feel smarter about because everything has been straight up. I suppose the challenge is to attempt to keep feeling dumb and smart at the same time and remain employed.

When a market price is at its YTD high and you’re short it, it’s easy to feel things.

Do I have more or less conviction in my intermediate-term global macro call (Growth Slowing, Inflation Accelerating, and Interconnected Risk Compounding)?

More.  

Do I have more or less conviction in my immediate-term call to be short the SPY?

Less.

Maybe I just need to give this market another 6 or 12 hours of trading and less will feel like more. Maybe it won’t. Then I’ll feel shame.

My immediate-term TRADE lines of support and resistance are now 1209 and 1248, respectively.

KM

Keith R. McCullough
Chief Executive Officer

More or Less: SP500 Levels, Refreshed... - 1