CHART OF THE DAY: Short Low, Cover High? $IWM $SPX

Editor's Note: The brief excerpt and chart below are from today's morning note written by Hedgeye CEO Keith McCullough. Click here for information on how you can subscribe.

Back to this epic SP500 “correction” that consensus has been positioned for (at the start of this week = YTD high net SHORT positions of -60,044 and -31,909 in SP500 Index + E-mini and Russell 2000 mini contracts, respectively):

 

1. SP500 was down -0.1% yesterday
2. SP500 was down -0.1% the day before that
3. SP500 is down -0.2% from its all-time high