• Investing Insights & Exclusive Offers → Get Our FREE “Market Brief”
    Sign-up for our free weekly newsletter. Get unparalleled investing insights and exclusive Summer Sale discounts on Hedgeye research.

    Disclaimer: By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails. Use of Hedgeye and any other products available through hedgeye.com are subject to our Terms Of Service and Privacy Policy

So here I am, buying and covering today, wondering if what I am doing here contains a unique strategy - getting longer?

As the proverbial trading waters calm themselves, I'll tell you what isn't a unique thought - being short without a catalyst. Not with this macro setup. No Sir - not here, not yet...

Squeezy is hanging out in the shark tank below (see chart's green range of 817-865 SPX) and just waiting for some bait to jump at on the 900 SP500 line. They tried to crack that line of support this morning, but to no avail.  All you're seeing today is another higher low.

The 934 line is the January 6th closing high for the YTD. A close above that gets Squeezy chomping on the shorts right up to my new resistance line of 940.

Tech is leading gainers today. I am long Tech again, and liking my cost basis.

Sharks eat sheep.

KM

Keith R. McCullough
Chief Executive Officer

Calm Waters? SP500 Levels Refreshed...  - shark