In today’s briefing:
- August Route Leads September Pain
August Route Leads September Pain
- The impulsive decline in growth sectors (NDX) warns of more pain in September. Sell resistance lies at 12,500/800 below the 13k risk pivot. NDX early August relative peak led.
- SPX macro sell call on August 19 worked well with a short NDX focus (short group includes DAX, HSI, Taiwan and recently Korea).
- August was touted as the month to sell longs establish in June/July and to raise short bets for a bearish September as pundits turned bullish in mid-August, we were selling.
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