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POSITIONS: Short Industrials (XLI)

Maybe I could have risk managed it better, maybe I couldn’t have. Everything becomes clearer in hindsight. The only thing I can continue to do is learn from my mistakes.

We didn’t make any mistakes on both how early and consistent we’ve been on #GrowthSlowing. That, I guess, is now the bull case. The faster GDP growth slows, the louder the #BailoutBull gets. So, you could have been bullish on growth then (Q1), and bailouts now (Q3) – bottom line is that perma bulls are always bullish, regardless of their mistakes.

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

  1. Immediate-term TRADE resistance = 1392
  2. Intermediate-term TREND support = 1376
  3. Immediate-term TRADE support = 1363 

In other words, we can all pretend everything will end just fine, until 1376 snaps again. If it doesn’t, I guess we are going to suspend economic gravity and fly to the moon.

Just not sure how we get down once we get there,


Keith R. McCullough
Chief Executive Officer

Moonshot: SP500 Levels, Refreshed - SPX