The Nikkei no likey that whole Down Dollar, Up Yen move, eh?
Japan was whacked -3.1% overnight as the Yen signaled immediate-term TRADE overbought versus the US Dollar in our model yesterday. The Yen down -0.6% now on the day should mean Nikkei up tonight.
That gives me confidence being long the S&P 500 for the first time here in 2014. (I bought it at 3:38pm ET yesterday in Real-Time Alerts.)
Another reason why I bought the S&P 500 and covered shorts into the close yesterday was VIX is under 14.91 resistance. That’s my TREND resistance line and SPX immediate-term TRADE oversold at 1817.
I'm simply sticking with our process.
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