Pre-market update:

• European markets are trading 0.8% higher. 
• Asian markets traded 1.4% lower.
• US futures are trading 1.0% higher. 

Economic reports due out (all times are eastern): Jobless Claims (8:30), Import and Export Prices (8:30), EIA Natural Gas Report (10:30), Treasury Budget (2), Fed Balance Sheet (4:30), Money Supply (4:30)

Technical Outlook (SPX):

• Today will see price action gap above the all-important 1654 level on the SPX and underside of the rising trend-line. Yesterday we saw the index struggle with this price level. 
• Fed induced gaps higher are one of the most legit gaps you can have and often result in moves in excess of 20-30 points on the SPX. Absolutely not a time to be caught short in this market. 
• Today’s open will create a new higher-high and officially end the down-trend currently in place. 
• Volume continues to remain relatively light in the current market.
• Careful to note all the gaps that have formed on this uptrend off of the lows of 6/24. More times than not a market will ultimately come back and fill those gaps. 
• Short-term SPX is overbought now. 
• SPX has finished higher 9 out of the last 11 trading sessions. 
• Markets don’t care about the economy. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

• Closed WLP at 84.71 from 80.00 for a 6% gain. Will look for a pullback to reload on. 
• Added CME at 76.53 yesterday. 
• Added AAPL at 422.30. 
• Current Longs: GOOG at 872.67, VZ at 51.33, SJM at 104.63
• I’ll look to add 1-2 new positions today on intraday pullbacks. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: