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

Same fundamental research thesis – Growth Slowing and Deflating The Inflation.

From a price, that will be good for US and Global Consumption Growth, but that (like all good sustainable things in life) will take some time.

Across our core risk management durations, here are the lines that matter most: 

  1. Intermediate-term TREND resistance = 1368
  2. Immediate-term TRADE support = 1338
  3. Long-term TAIL support = 1281 

In other words, your new immediate-term risk range = 1. Sell on green on the way up to 1368, and buy on the way down to 1338 – but be mindful that the gravity associated with 1281’s mean reversion risk is very much new and in play over the intermediate-term; particularly with the Financials (XLF) being the lead relative performance gainer in the market YTD – plenty to give back there.

Enjoy your weekend,


Keith R. McCullough
Chief Executive Officer

Selling Opportunity: SP500 Levels, Refreshed - SPX