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POSITION: no position SPY

People can get upset about it; tired of it; frustrated with it – but the market doesn’t care about our feelings. This market is going to continue to confuse buy-and-hold inasmuch as it does short-and-hold. You’ve got to manage your beta risk around the range.

Across durations, here are the lines that matter: 

  1. TAIL resistance = intact at 1377
  2. TREND support = intact at 1319
  3. TRADE zone = 1 at of 11AM EST 

Not too bullish. Not too bearish. Just about right.

This should suck the perma-bulls in at the high-end of the ranges inasmuch as it inspires the perma-bears to press their shorts on the lows.

I have 17 LONGS and 13 SHORTS in the Hedgeye Portfolio and see plenty to do on both sides.

KM

Keith R. McCullough
Chief Executive Officer

Risk Ranger: SP500 Levels, Refreshed - 1