This note was originally published May 03, 2013 at 11:18 in Macro
POSITION: 10 LONGS, 4 SHORTS @Hedgeye
Fundamentally, the most important data point this week was yesterday’s jobless claims report of 324,000. Our non-consensus bull case for US Equities continues to get more bullish as the market is rising. Weird, but cool.
Across our core risk management durations, here are the levels that matter to me most:
- Immediate-term TRADE overbought = 1626
- Immediate-term TRADE support = 1590
- Intermediate-term TREND support = 1520
In other words, our model is now consistently signaling higher (all-time) highs of resistance and higher-lows of support. It’s a bull market. And consensus is nowhere near Bullish Enough.