Pre-market update:

• Asian markets traded 1.0% lower.
• European markets are 0.1% higher.. 
• US futures are trading flat ahead of the market open. 
  

Economic reports due out (all times are eastern): Durable Goods Orders (8:30), Consumer Sentiment (9:55), Wholesale Trade (10)

Technical Outlook (SPX):

• Without giving up much in the way of gains, the SPX has managed to consolidate for the third straight day right at the all-time highs. 
• Ideally, it would help if the SPX could continue on with this for another couple of days at least. 
• There has been a lack of news this week – good or bad, and as a result the market has just been quiet. 
• Volume remains average. 
• The 30-minute head and shoulders pattern on the SPX that I mentioned yesterday is very close to being negated. 
• VIX remains near the low end of its range at 13.20. 
• After Wednesday’s sell-off, I’m guessing that the SPX is entering into a second and final leg before another September-like pullback. These second legs tend to last 5-8 days. But let the price action come to you. Don’t front-run it. 
• The bias in this market is still to the upside and should be traded accordingly. 
• Very little in the way of head-winds for the market as Syria has left the spot-light, shut-downs, debt-ceiling are over with for now, and the most dovish Fed chairman poised to take the helm. 
• 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:

• Covered AXL at $19.08 for a 1.1% gain. 
• Added two new long positions to the portfolio yesterday. 
• I am primarily focused on trading to the long side going forward. Will likely look to add more long exposure today. 
• Currently 60% long / 40% cash.  
• Current Longs: LYV at 18.80, MWE at 70.20, GES at 30.96, LPX at 17.87.  
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: