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Thankfully, we sold our long SPY position this morning (see Hedgeye Portfolio for time stamp). No one cares about that now however. The "Question" is, what do we do from here? This is not a market to be owned. It is to be rented and traded. Here are our new levels in the SP500:

Sell "Trade" line = 1004.41
Buy "Trade" line = 862.86

Yes, you can drive a truck through the spread of this line. Hopefully your Portfolio Manager has their license. Don't forget that "Hedge Fund Inc." is going to be testifying in front of government on October 16th. We're hearing some of these gentlemen may not be enthused by Paulson's preferential treatment of "Investment Banking Inc." No, this is not a bullish macro calendar catalyst.
KM