POSITION: no position in SPY
No position. Waiting. Watching.
After selling my long US Dollar position (UUP) and covering my only remaining S&P Sector Short (XLB) late last week, that’s what I have been doing. Sometimes you just need to let Squeezy The Shark strap on the old feedbag and rally to lower-highs.
No matter where we go this morning here, are the refreshed risk management lines that matter across Hedgeye’s durations:
- Intermediate-term TREND resistance = 1320
- Immediate-term TRADE resistance = 1294
- Immediate-term TRADE support = 1259
There’s no need to get whipped around by this. The market is behaving within rational boundaries of what we’d consider probable. Just be patient and prepared to start selling more aggressively again on the way up.
Hedgeye is 17 for 18 in June on closed positions (longs and shorts). We’re in no rush to do anything until hands look forced. We’re getting there.
Keith R. McCullough
Chief Executive Officer