Finally, the stars have lined up to start investing some of that 76% Cash position we had in our Hedgeye Asset Allocation Model this morning. The US Dollar is up another +1.25% on the day at $87.60, and the gold etf (GLD) is up another +3.1% at $95.46 – I just shorted both the US$ and gold in the Hedgeye Portfolio as a result.
The VIX is putting in an immediate term top at 48.23, trading +12.4% on the day, and the SP500 is effectively oversold anywhere below that dotted green line shown in the chart below at 795.
Keith R. McCullough
CEO & Chief Investment Officer