Current Long Positions (stop-losses in parentheses): TICC (9.62), GLD (121.25), DDS (26.07), SSO (41.40), DIS (34.95), GS (154.50)
Current Short Positions (stop-losses in parentheses): None
BIAS: 52% Long
Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), EIA Natural Gas Report (10:30am)
My Observations and What to Expect:
- Futures are slightly up.
- Asian markets were mixed. European markets are showing moderate strength.
- Jobless Claims come out and will likely dictate market direction today.
- If we could gap up above 1185, there is a good chance this market will rally hard today. That would be 3+ points from where we closed at yesterday.
- Despite dropping significantly below the trend-line and the 10-day moving average on an intra-day basis, we still managed to close above these two important price levels.
- 4 out of the last 5 trading sessions have ended in a doji candle – representing indecision by the markets.
- Overall, the market does not look like it is in trouble – rather it appears to be taking a breather before making the next leg up in the market.
- Bears need to push this market below the 10-day moving average, as well as close below the current trend-line and then close there. – that is the first order of business. Ultimately, the bears have to push the market below 1159, before they can cast a dark shadow over this market. Found support on the 10/21 lows – will need to push through this as well.
Actions I Will Be Taking:
- If we see further downside in GLD, I will be tempted to cut my losses right there.
- All of my current stops in my positions remain as is.
- Added DIS and GS to the portfolio yesterday.
- May add another position to the portfolio today if we see some additional weakness/consolidation today.
- Could add 1-2 new positions to the portfolio on market weakness.
- Not hedged heading into the open.
- Follow me in the SharePlanner Chat-Room today for all my live trades, including my day-trades.
