Dear Members,
"Sell into strength" is still our big theme right now. We're not trying to buy dips. To the contrary, any opportunities that we get to sell into, we want to take. The weight-of-the-evidence suggests there is way too much overhead supply to get aggressively long for more than just a few days. We maintain a more intermediate term time horizon so a buy-the-dip strategy still makes little sense to us in the current environment.
Airlines have been a sector where
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