Current Short Positions (stop-losses in parentheses): None
BIAS: 53% Long
Economic Reports Due Out (Times are EST): Monster Employment Index (6am), Jobless Claims (8:30am), Productivity and Costs (8:30am), EIA Natural Gas Report (10:30am)
My Observations and What to Expect:
- Futures are up strong heading into the open.
- Asian and European markets as a whole saw gains in the range of 1-2%.
- The S&P managed to close a point above the recent highs, allowing for it to breakout of consolidation and resume the upward trend.
- S&P is poised to open above 1200 which, should it maintain this price level, would drastically improve the mood of the bulls.
- Yesterday’s FOMC Meeting minutes was ultimately received well by the market, and usually allows for the market to experience 2-3 days of rallying solely off of the news.
- S&P is all clear to challenge the April highs.
- The bears should focus on breaking and closing below the 10-day moving average as well as the trend-line off of the August lows that is in place.
Actions I Will Be Taking:
- Took my profits in in SSO during the Fed mayhem. GLD was stopped out for a profit.
- Added only one additional position to the portfolio yesterday: NFLX
- Tightened my stop-loss in AMZN. Expect to tighten more throughout the day on the heels of the market strength we are seeing.
- Will likely add 1-2 new positions to the portfolio today.
- Not hedged going into the open.
- Follow me in the SharePlanner Chat-Room today for all my live trades, including my day-trades.
