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Takeaway: Bullish is as bullish does.

POSITION: Long Consumer (XLP, IGT, ADM), Short Commodities (XLE, OIL, CLB)

Bullish is as bullish does, and this market continues to hold all 3 durations of support (TRADE, TREND, and TAIL). Buying stocks at VIX 17-18 has worked for the last few months too (sell at VIX 14-15).

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

  1. Immediate-term TRADE overbought = 1449
  2. Immediate-term TRADE support = 1429
  3. Intermediate-term TREND support = 1419

In other words, the refreshed immediate-term risk range = 1, and there’s more upside than downside from here (there was more downside than upside from yesterday’s highs).

Keep making high probability gross and net exposure decisions – and keep moving.

KM

Keith R. McCullough
Chief Executive Officer

Bullish: SP500 Levels, Refreshed - SPX