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In the Hedgeye Portfolio, I have been covering and buying so far this morning. Risk management in front of this bailout potentially getting done is the immediate term squeeze "Trade".

The S&P 500 has room to run to the 1244.11 line. That's not my religion. That's what my process tells me. While I don't think they should rubber stamp this fear mongering bailout, that certainly doesn’t mean they won’t. The intermediate “Trend” remains negative.

Now that I am being flashed every 3 minutes by someone new telling me this is a "done deal", the other obvious risk management scenario to keep in the back of your mind is what happens if it the bailout doesn’t get done...

Fire engine chasers are abound out there – be careful on the way up.
KM