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Time to Panic? Calm Down... - panic button

Calm down. The S&P 500 is down -1.7% from its all-time closing high. If you want some advice this morning here it goes from Hedgeye CEO Keith McCullough in today's Early Look...

Other than the US stock market explicitly signaling immediate term #Overbought at Tuesday’s all-time high, what changed?

  1. PRICE: SP500 is now at the low-end of it’s immediate-term @Hedgeye Risk Range of 2433-2481
  2. VOLUME: Total US Equity Volume (including dark pool) was 0.0% and -3.0% vs. its 1-mth and 3-mth averages
  3. VOLALITY: front month VIX ripped (like it has multiple times this year) to close at 16.04

In other words, while the flock panicked to buy protection in the options market, they didn’t sell torrential volume in the equity market. They didn’t even come close to breaking the SP500’s bullish TREND support level of 2324 either.

*Reminder: amidst the “rout”, the SP500 is -1.7% from its all-time closing high.

Time to Panic? Calm Down... - volume 8 11 17

In other words, as Hedgeye CEO Keith McCullough writes this morning, "After signaling immediate-term TRADE #Overbought @Hedgeye on Tuesday, now the US stock market is signaling immediate-term TRADE oversold within its bullish intermediate-term TREND as real US Growth continues to accelerate."

Time to Panic? Calm Down... - 08.11.17 EL Chart

Everyone nailed it

After calling for a stock market correction when the S&P 500 was 10% lower, US stock strategists see 5% correction before this selloff is over, according to CNBC.

Think Business Insider's December story headlined "Stocks have only been this expensive during the crash of 1929, the tech bubble, and the financial crisis." Inclusive of yesterday's selloff, the Dow, S&P 500 and Nasdaq are up 11.3%, 8.5% and 14.7% respectively since that story ran.

#Nice

Bottom Line

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