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Takeaway: Less than 3 trading days ago (after 6 consecutive down days), no one wanted to buyem. Now +2.3% higher, no one wants to sellem.

POSITIONS: Long Utilities (XLU), Short Industrials (XLI)

Less than 3 trading days ago (after 6 consecutive down days), no one wanted to buyem. Now +2.3% higher, no one wants to sellem.

#Fun

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

  1. Immediate-term TRADE resistance = 1466 (lower-high vs Bernanke Top SEP14)
  2. Intermediate-term TREND support = 1419

In other words, the risk range is widening – and that’s not a good thing, particularly if the VIX holds 14 for the umpteenth time in the last 5 years. If you ask anyone who is long Tech how the market feels (-3% for OCT), they see the risk more clearly.

Risk tends to be more clear in the rear-view,

KM

Keith R. McCullough
Chief Executive Officer

Fun: SP500 Levels, Refreshed - SPX