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:
- Immediate-term TRADE resistance = 1567
- Immediate-term TRADE support = 1540
- 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.
Chief Executive Officer