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POSITIONS: Long Healthcare (XLV), Short Industrials (XLI)

Growth Slowing and Deflating The Inflation, at the same time – gnarly.

I don’t think people want to hear me opining about this anymore. We made the research call in March, when it should have been made. Now it’s all about the risk management levels: 

  1. Intermediate-term TREND resistance = 1366
  2. Immediate-term TRADE support = 1344
  3. Long-term TAIL support = 1281 

In other words, we’ll probably keep bouncing to lower-highs on no-volume and mean reverting towards 1281 on the downside until the fundamental Growth Slowing slows at a slower rate and/or we see a close > 1366.


Keith R. McCullough
Chief Executive Officer

Gnarly: SP500 Levels, Refreshed - SPX