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POSITION: Long Utilities (XLU) and Healthcare (XLV); Short Housing (ITB)

Into the close yesterday, I got longer. On this morning’s rally off the lows, I tightened that net exposure right back up. Managing risk around a range is the process. That’s not new.

What is new (every day) is the uncertainty implied in the range. In order to handicap uncertainty, we use a multi-duration, multi-factor approach that helps us contextualize what different investors across different durations are most likely to do next.

As of 11AM EST, here’s what I see in the SP500: 

  1. The long-term TAIL remains entrenched (1269)
  2. The Intermediate-term TREND range (1) is trade-able
  3. The Immediate-term TRADE is under selling pressure (no support to 1221) 

Going long into a weekend with no European catalyst that I can see isn’t for me – but that’s just me. I currently have 10 LONGS and 9 SHORTS.


Keith R. McCullough
Chief Executive Officer

Range Rover: SP500 Levels, Refreshed - SPX