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:
- TAIL resistance = intact at 1377
- TREND support = intact at 1319
- 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.
Keith R. McCullough
Chief Executive Officer