Pre-market update:

• Asian markets traded 0.6% higher. 
• European markets are trading 0.4% higher.  
  
• US futures are trading 0.1% higher ahead of the opening bell. 
  

Economic reports due out (all times are eastern): GDP (8:30), Jobless Claims (8:30), Corporate Profits (8:30), EIA Natural Gas Report (10:30)

Technical Outlook (SPX):

• Despite giving up a chunk of the day’s gains at the end of day, SPX managed to hold the rising trend-line – but just barely. 
• Today it will be imperative for the SPX to finish at or above yesterday’s closing price which is about 1635. 
• Getting above 1643 is the bulls first objective on the SPX followed by 1670 thereafter – which at the moment seems like a tall order. 
• SPX back into oversold conditions which is the first time since November 2012 that the market has double-dipped in such a short-time frame into those oversold conditions. 
• If the rising trend-line breaks the next critical level of support is the 1560 level of the SPX which was the last previous major higher-low. 
• VIX remains in the mid-16’s. 
• Volume was paltry. 
• I still maintain that the best strategy for this market is to continue trading to the long side in this market. Sell-offs in this environment are quick and hard to capitalize on – better off holding on to the long side and buying on the dips.
• 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 XEC yesterday for a 7.5% gain at $85.75.
• Sold FLR at $64.20 for a -2.7% loss. 
• Added VIAB at 79.25 and one additional position. 
• Currently 80% long / 20% cash.  
• Current Longs: URS at 49.85, BMRN at 64.50, WYNN at 139.08, FDX 108.18, CMI at 123.48.
  
• Will wait on this market today to see whether the bulls come in and provide support at key price levels. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: