POSITION: no position in SPY
This email may or may not make people happy, but 30 handles higher in the SP500 from what we called a Short Covering Opportunity, I’m going to call this for what it is – an opportunity to Short-The-Rip.
It’s probably ok to call it that… kind of like “Buy-The-Dip”… but on the other side…
It’s been a long week and I am running out of jokes and the SP500 should run out of immediate-term TRADE steam as it hopes for 1292 on anemically low volume.
PRICE/VOLUME/VOLATITY readings in my model remain bearish, but from a price. Manage your risk in this new bearish trading range of 1253 to 1292 for now and if the facts change, I’ll try my best to signal it if I’m so lucky to see it when it matters.
Have a good weekend,
Keith R. McCullough
Chief Executive Officer