SPDR S&P 500 (NYSE:SPY)
“Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.” - George Soros
We saw choppy action in stocks today as they continued to setup for a break lower, then Fed speak late in the day sparked a selloff when they said they’re still considering a June rate hike.
Markets do not want a rate hike.
That said, I’m now short Tesla (NASDAQ:TSLA), Amgen (NASDAQ:AMGN) and SPY, and we can make a killing in short positions if the Fed does indeed follow through on their threat of a June hike.
SPY is right at the neckline now and set to break lower right away.
I’m short 15% in SPY as it broke at 205.50.
The next short level is a break of 203.90.