POSITION: Long Utilities (XLU), Short Basic Materials (XLB), Industrials (XLI) and SPY
Our levels and process have not changed. Prices, Volumes, and Volatilities have. Provided that the US Dollar doesn’t breakout above $80, I think Oil prices remain sticky and growth continues to slow.
Across our core risk management durations, here are the lines that matter most:
- Immediate-term TRADE resistance = 1394
- Immediate-term TRADE support = 1377
- Intermediate-term TREND support = 1349
In other words, we’re at the top end of my immediate-term range and that makes this a Short Selling Opportunity.
Manage the risk of the range.
Keith R. McCullough
Chief Executive Officer