This note was originally published July 17, 2013 at 12:24 in Macro
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Best news of the day is that Bernanke wasn’t dovish enough to satisfy the begging from Gold Bond bulls. #StrongDollar is holding support, and that, ultimately, is a good thing for what’s been working for 6 months – long US Growth.
Across our core risk management durations that matter, here are the lines that matter to me most:
- Immediate-term TRADE resistance = 1701
- Immediate-term TRADE support = 1661
- Intermediate-term TREND support = 1602
Higher-lows of support and higher-all-time-highs of resistance will continue to be bullish until they are not.
- We want to be buying growth on red days (bought TSLA and NKE on red yesterday)
- We want to be shorting bounces in bearish growth trades (Gold, Bonds, etc) on green days
Staying with our 2013 process because it’s still working,
Keith R. McCullough
Chief Executive Officer