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Takeaway: We’re not blindly buying on the overbought signals (1515), but we aren’t freaking out on controlled corrections either.

POSITIONS: 13 LONGS, 6 SHORTS @Hedgeye

Higher-lows and higher-highs as the economic data continues to stabilize. This morning’s employment component of the ISM non-manufacturing survey was the best print since 2006.

That’s bearish for Treasuries and bullish for stocks. Don’t fight the data.

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

  1. Immediate-term TRADE overbought = 1515
  2. Immediate-term TRADE support = 1490
  3. Intermediate-term TREND support = 1442

In other words, if you bought/covered yesterday’s close, you are smiling. We’re not blindly buying on the overbought signals (1515), but we aren’t freaking out on controlled corrections either.

KM

Keith R. McCullough
Chief Executive Officer

Still Bullish: SP500 Levels, Refreshed - SPX