[COMPLIMENTARY] Top 3 Things | Buys / QQQ / Oil

From the YTD lows for the NASDAQ was a good spot to cover shorts and add to Core Longs…

1. BUYS – yes, we have Longs (14 ETFS on the Macro Pro list). All I did yesterday was cover Macro Shorts and add to US Equity Longs, including Energy (XLE), Staples (XLP), Healthcare (XLV), Cannabis (MSOS), etc. Anything bad in this jobs report (i.e. what happens in a #Quad4 Recession) should read short-term bearish USD (from yesterday's #overbought signal) and “bullish” TRADE for US Equity
2. QQQ – covered my Core NASDAQ (QQQ) Short down to my MIN yesterday (signal to cover Tech, XLK, was our 22^nd booked gain, in a row going back to 2019) with NASDAQ having crashed -34.5% from its #Quad2 Cycle High and signaling immediate-term TRADE #oversold at its 2022 YTD lows intraday. Deal with it. Trading Bears is what I do. Timing matters
3. OIL – perversely, anything “bad” in the US Jobs report = Dollar Down, Oil/Energy Up… so that keeps this Hawkish Fed stance entrenched, even thought today may trade “dovish”… Oil (WTI) busting a move > @Hedgeye TREND Signal resistance this morning (that level = $90.84) and I don’t care why. I remain long of XLE/XOP

Immediate-term @Hedgeye Risk Ranges: SP500 = 3; UST 10yr Yield = 3.94-4.30%

KM