Buying/Covering: SP500 Levels Into The Close...

02/17/09 03:29PM EST
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
© 2024 Hedgeye Risk Management, LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.