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POSITIONS: Long Healthcare (XLV), Short Industrials (XLI) and Basic Materials (XLB)

On red this morning, I moved the Hedgeye Portfolio to 9 LONGS, 4 SHORTS. Since the intermediate-term TREND remains bearish, that’s the best I can do here – get net long by managing my short book up/down aggressively.

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

  1. Intermediate-term TREND resistance = 1369
  2. Immediate-term TRADE resistance = 1336
  3. Immediate-term TRADE support = 1316 

That 1316 line is a stealth line of support (yesterday it was resistance). That’s going to be my line in the sand right now in determining my net exposure. Seems simple, because it is – I like to be able to make decisions that are process based. It’s just math.

I’ll either tighten up my net exposure closer to 1336 (overbought), or do so on a break below 1316.

For now, I wait and watch.

Enjoy your weekend,


Keith R. McCullough
Chief Executive Officer

Net Long: SP500 Levels, Refreshed - SPX