We have said the market needed a catalyst to move higher. It appears to have come Thursday morning in the form of good economic news from China and the United States. At 10:00 a.m. EDT, we reduced our hedges by selling VXX and PSQ for more than we paid for them. Reducing the hedges also allows us to instantly increase our exposure to risk (easier then selling and buying back). More comments and charts are available via the CCM Twitter feed @CiovaccoCapital.