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POSITIONS: Long Healthcare (XLV) and Apple (AAPL); Short Industrials (XLI)

Our core fundamental themes have not changed (#GrowthSlowing and #DeflatingTheInflation), but prices have. With the SP500 100 points lower (and AAPL $100 lower), plenty are selling low now. That’s not what we do.

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

  1. Intermediate-term TREND resistance = 1369
  2. Immediate-term TRADE resistance = 1346
  3. Immediate-term TRADE oversold = 1317 

In other words, we don’t get paid to freak-out and sell on moves under 1320. We get paid to book gains on the short side and, slowly, take up gross invested long positions. On the bounce to lower highs, there are no rules against re-shorting what we cover.


Keith R. McCullough
Chief Executive Officer

Oversold: SP500 Levels, Refreshed - SPX