Pre-market update (updated 9am eastern):

• European markets are trading 0.6% higher. 
• Asian markets traded 0.8% higher.
• US futures are trading slightly lower.

Economic reports due out (all times are eastern): Producer Price Index (8:30am), Current Account (8:30am), Industrial Production (9:15am), Consumer Sentiment (9:55am)

Technical Outlook (SPX):

• SPX  bounced perfectly yesterday off of the 50-day moving average and the lower Bollinger Band. 
• Volume also showed a slight uptick yesterday compared to previous, recent trading sessions. 
• Once again, the key level for the SPX to trade above is 1648, or Monday’s highs. Unless it can do this, any upward move is utterly meaningless. 
• Same is true to the downside, unless it can break last Thursday’s lows, there is nothing here to get excited about here. 
• 30-minute SPX chart shows key resistance at the 1639 level. 
• SPX bounced right off the rising uptrend, That rising trend-line today now becomes 1617 today. 
• VIX dropped off quite a bit – all the way down into the mid-16’s. 
• Strong correlation between US Market’s and the Japanese markets right now, as the latter is in the midst of a significant sell-off since 5/22. 
• There is the potential that Monday’s highs marked the first lower-high of 2013. 
• Key price support rests at 1601. 
• Markets don’t care about the economy. 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:

• Added AMZN at $273.23. 
• Added RKT at 101.24. 
• Covered LEG at 32.22 for a 1.1% loss. 
• Sold QIHU at 4345 for a -3.4% loss. 
• Long HUM at $80.60, APA at $84.95, KSS at 51.99, DSW at 74.40
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: