Pre-market update:
- Asian markets traded 0.1% higher.
- European markets are trading 0.8% higher.
- US futures are flat ahead of the market open.
Economic reports due out (all times are eastern): EIA Natural Gas Report (10:30), EIA Petroleum Status Report (11)
Technical Outlook (SPX):
- The rally continues as the SPX rises for a fourth straight day.
- Trend-line support of of the October lows lies at 1783 – and currently out of reach for the bears.
- Volume remains extremely light will continue to do so through the end of the year.
- SPX has quickly become overextended – the need for a temporary pullback or consolidation in the short-term is becoming necessary.
- With that said you could still see big money chase this market and chase performance for their year-end numbers.
- I have sought to trim positions/exposure on the move up, by going from 90% long to 60% long.
- SPX firmly in overbought territory short-term.
- VIX continues to drop hard and is down now to 12.33.
- There is absolutely no reason at all to be short this market.
- Markets don’t care about the economy nor earnings. 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:
- Did not close out any positions yesterday.
- Did not add any new swing-trades to the portfolio yesterday.
- Remain long ICE at $219.62, FLS at 72.25, RCL at 44.46 and KEY at 13.12, TRMB at 33.15, LAMR 51.18.
- Long 60% / Cash 40%
- Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone
Chart for SPX:
