By: Scott Redler
We warned many times that the complexion of the market was changing–the time to exit longs and to get short was around 1,130 in the S&P. That was a chart I isolated many times on this blog and on the Fast Money Halftime Report.
We covered our macro shorts for a “fast money” 40 handle move. Now we will be testing longs into our first zone of 1,080-1,085 on the S&P.
This will BE THE YEAR OF FAST MONEY. Traders will have to actively manage their positions. Be strategically long at times and short at other times in order to outerperform this market. Sector rotation will be king.
So, exiting at around 1,130 was the way to go—and getting short was even better. Now it’s time to watch levels to test for an oversold BOUNCE.
