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.

 

CHART OF THE DAY: Short Low, Cover High? $IWM $SPX - zzz Chart of the Day

 

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