After a terrific week short, Tim Knight did something that surprised people: he cut his short book from 37 positions to 18, went long the Nasdaq and emerging markets, and bumped his utilities short as a hedge. His read: the selling is largely done for now, not forever, but several key charts looked finished. He's still net short and winning on a green tape, and walks the SPY cracking its uptrend line plus a bearish engulfing on XLU, his biggest position.
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