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POSITIONS: Long Utilities (XLU), Short Consumer (XLY)

Buy red, Sell green. Rinse and Repeat.

My last communiqué was on Tuesday (“Short Covering Opportunity” on 3/6/11 at 11:29AM EST) and it was harder to buy then than it is for the performance chasing community right here and now. We’re right at levels in the SP500 and the VIX where I think this is an easy call to make.

Here are the lines, across my risk management durations, that currently matter to me most: 

  1. Immediate-term TRADE resistance = 1374
  2. Immediate-term TRADE support = 1345
  3. Intermediate-term TREND support = 1283 

With the US Dollar Index breaking out to the upside (above $79.03 TREND support), I am getting more constructive on US Equities – but from a price. On Tuesday my buy/cover line was 1345. It still is today.

Enjoy your weekend,


Keith R. McCullough
Chief Executive Officer

Selling Green: SP500 Levels, Refreshed - SPX