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Takeaway: Higher-lows and higher-highs are bullish, because people have to chase them.

POSITIONS: 14 LONGS, 8 SHORTS @Hedgeye

After a controlled 1.5 day correction from our overbought signal, US stocks look great here. I am covering shorts and getting longer again this morning (from 20,000 feet on a GoGo connection, which is kind of cool).

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

  1. Immediate-term TRADE resistance = 1567
  2. Immediate-term TRADE support = 1540
  3. Intermediate term TREND support = 1477

In other words, this is the first note you are receiving from me in 2013 where I have a higher-high than the SP500’s all-time closing high (1565) signaling as probable. Higher-lows and higher-highs are bullish, because people have to chase them.

#StrongDollar and the Transports (IYT) lead during the red open, and you know I like that.

KM

Keith McCullough

Chief Executive Officer

Riding Bull: SP500 Levels, Refreshed - SPX