Checking In on That Sweeney Top

Still valid, but...

Last week we issued a "Sweeney Squeeze Top" sell and backed it up with 10 + 10 reasons. Now obviously this was not the ultimate call for an forever top but much more of a tactical trading call. Let's examine the latest data-points on sentiment & positioning over the weekend to see how valid the short-term sell-call is. Conclusion? Still valid, but we have slightly less conviction as the de-risking seems to be a little higher than we expected.