Pre-market update:

• Asian markets traded 0.6% higher. 
• European markets are trading 0.4% lower.  
  
• US futures are trading 0.3% higher ahead of the bell. 
  

Economic reports due out (all times are eastern): Consumer Credit (3)

Technical Outlook (SPX):

• A severe whipsaw day in the market on Friday, seeing large 20+ point moves in each direction. At the end of the day, we finished with just one large and massive doji candle at breakeven. 
• Somewhat of a bear flag re-emerging on the daily SPX chart that should create some concern for the bulls. 
• Also, unable to break the previous lower-high at 1670, which is offering some resistance to traders. 
• Note the sell-off and how it occurred at the 50-day moving average yesterday. 
  
• Bullish for the market the past couple of weeks – up 6 out of the last 7 days – haven’t seen that happen in well over a month. 
• Volume last week was much better and stronger than anything we’ve seen in some while. 
• VIX rose slightly on Friday to 15.85. 
• Debate on Syria starts up heavy this week – expect some rapid moves in the market as a result. 
• Be aware of the final hour sell-off – lots of gains have been cut and slashed substantially as a result lately. 
• I’m not going to be comfortable with this market until we can break through the 1670 level of the SPX and I’m skeptical that will happen before we kick off debate on Syria next week. 
• 1644 represents rising support of the trend-line off of the November 2012 lows – hold it at all costs. 
• 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:

• Sold BA at 106.20 for a 1.6% gain. 
• Sold YHOO at 28.48 for a 4.9% gain. 
• Sold URS at 50.31 for a 0.9% gain. 
• Sold PDCE at 56.42 for a 2.9% loss. 
• Added one additional short position. 
• Currently 10% long / 20% Short / 70% cash.  
• Current Longs: SLB at 82.34.
  
• Current Shorts: MON at 101.47. 
• My new short positions is to act more as a hedge than anything else. I’m not trusting this market at the moment. 
• Will look to add 1-2 additional positions to the portfolio today. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: