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POSITIONS: Long Utilities (XLU), Short Basic Materials (XLB) and Industrials (XLI)

It’s hard to tell today whether the market is up on the hope that Bernanke debauches the Dollar further tomorrow or if people legitimately believe US Housing is back. Regardless, Apple looks worried (broke my $606 support) and so do my SP500 levels.

Across our risk management durations (TRADE, TREND, and TAIL), here are the lines that matter most: 

  1. Immediate-term TRADE resistance = 1377
  2. Immediate-term TRADE support = 1361
  3. Intermediate-term TREND support = 1349 

In other words, after a -3.7% correction (SP500 down 10 of the last 14 days), support is within sight. But so is resistance! Apple definitely has to deliver on expectations tonight. There are 56 analysts covering AAPL – 48 of them have “BUY” ratings.

Stay tuned.

KM

Keith R. McCullough
Chief Executive Officer

Bearish: SP500 Levels, Refreshed - SPX