MCM Macro Intraday Market Call, 1/8/08... 'Downgrading the MCM Trade to Negative, again'

Being "Bullish" for a two day +1.5% market move off the lows is all i care to hang around for...

Whether you've been selling since the market hit its intraday high of SP500 1430 earlier this morning, or selling now... i think you are 'doing the right thing'. The US political primary results this evening are another negative MCM Macro catalyst.

You know who is not 'doing the right thing' - Hillary Clinton. There's no crying in a US Presidential race Hillary, c'mon!

Hillary was literally welling up in tears in New Hampshire last night, saying something along the lines of "you know... this isnt just about politics for me... you know"...

The Levered Long Hedge Funds will probably be sniffling too (and making relative performance excuses to their fund of fund clients) if they chased any of the mini rallies we've seen in the S&P 500 Futures in the last 48 hours of trading.

On Sunday, someone smarter than me told me i was getting "too cute" being long the US market "for a short term trade". At the end of the day, i actually agreed with him. But you can be cute, and not have to cry for votes. We're going to earn our market points the old fashioned way here - grinding it out.

If the early polls prove to be an accurate barometer for tonights outcome, Barak Obama's political momentum will continue accelerate. Alongside that, expectations for the US Stock Market in 2008 should inevitably follow the opposite path of where he wants to take the US Consumer's taxes.

The MCM Trend (intermediate) remains negative, and now i can sleep more soundly with my MCM Trade (immediate) negative, back in its bears den.

Best,
KM

MCM Disclosure/Disclaimer: This email and/or blog is for a select group of my friends, and represents a beta test of an idea that i am incubating. My email and blog writings are prepared without regard to the unique circumstances or goals of those who read them. They do not provide investment advice that should be specifically acted upon without considering the all encompassing range of investment information and/or considerations available in the public domain and/or without considering all appropriate professional advice. This should not be considered a solicitation to buy or sell any security or to participate in any investment strategy. The information and editorials in these writings are not necessarily complete or perfectly accurate and are not guaranteed by Keith McCullough or MCM. This information is protected from disclosure and constitute opinions only as of the date of their issuance. Opinions are subject to change without notice, and Keith McCullough or MCM do not accept any liability whatsoever for any losses estimated to be attributable to any use of this content. Keith McCullough and/or McCullough Capital Management, Inc. likely owns and/or is currently trading in all of the securities cited in these emails and/or blogs.