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The combination of a strengthening US Dollar and US hedge fund rumor mill are tough winds for the US stock market to stand in front of today. That said, the SP500 is setting up to make another higher low versus that of November 2008. Don’t miss covering your shorts on the way down.

There is an important breakout “Trade” line in the SP500 at 839, and you saw some serious pin action around that line today – first on the breakout above it, then on the breakdown intraday below it – we have outlined that line as the dotted green one in the chart below.

Aggressively buying/covering on the SP500 811 line is my game plan. Hopefully, we get a real nasty jobless claims number before the open tomorrow that can take us there. What is bad for the buck is good for stocks.

Keith R. McCullough
CEO & Chief Investment Officer