POSITIONS: Short Industrials (XLI) and SPY
I am sure someone will try to pin this market on its high again (via rumor or “buy imbalance”) into the close – then we call all say, together, “but the market is up YTD”, at 14-15 VIX. In mid-March, the sell signals were actually less obvious.
Been there, done that.
Across our core risk management durations, here are the lines that matter to me most:
- Immediate-term TRADE resistance = 1407
- Immediate-term TRADE support = 1397
- Intermediate-term TREND support = 1369
In other words, they can keep this puppy pinned up until every last short has covered… then you don’t want to know what happens next.
Or, if you’re short SPY, maybe you do?
Keith R. McCullough
Chief Executive Officer