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POSITIONS: Long Energy (XLE), Short SP500 (SPY)

I still think that this ridiculous central planning Policy to Inflate will ultimately slow both US and Global Growth. The last 6 hours of my day didn’t change that view. That’s’ why I am still long Inflation (XLE and GLD) and short Growth expectations (SPY).

Across all 3 core risk management durations in my model here are the lines that matter most right now: 

  1. Immediate-term TRADE overbought = 1346
  2. Immediate-term TRADE support = 1324 

We’re in such a short-term hyper-momentum price/volatility position that it really doesn’t matter that intermediate-term support is all the way down at 1297. It will matter in a hurry of 1324 snaps.

Oh snap. Like Japanese Equities, where the bureaucracy begged and hoped for more and more QE when it was working less and less, the SP500 appears to be making a series of lower long-term highs.

From a time and price, inflation slows real-consumption growth.


Keith R. McCullough
Chief Executive Officer

Lower-Highs: SP500 Levels, Refreshed - SPX