Pre-market update:

• Asian markets traded 0.3% higher. 
• European markets are trading 0.3% higher.  
  
• US futures are trading 0.1% higher ahead of the bell. 
  

Economic reports due out (all times are eastern): Challenger Job Report (7:30), ADP Employment Report (8:15), Jobless Claims (8:30), Productivity and Costs (8:30), Factory Orders (10), ISM Non-Manufacturing Index (10), EIA Natural Gas Report (10:30), EIA Petroleum Status Report (11)

Technical Outlook (SPX):

• The bulls finally got a legitimate bounce out of the SPX yesterday that took price back above the 10-day moving average and above the trend-line off of the November 2012 lows. 
• Market worked off short-term oversold conditions yesterday. 
• Short-term down-trend-line from 8/14 highs was broken yesterday, which may provide some legitimacy to yesterday’s bounce. 
• Of greatest concern is the fact that Syria is a huge unknown variable in the market and whether the United States wages war with them will drastically affect the market one way or another. I don’t suspect the market will get volatile until Congress is back in session which will be September 9th. 
• Once some initial tallies for support of the war with Syria is made, that is when the market will start becoming rocky yet again. I don’t suspect we’ll see how this Congress will vote until then. 
• Remember – with the Fed involvement keeping the market boosted up in general for years now, unless there is a pipeline of significant news that continues to hit the market, it simply won’t go down. 
• Volume continues to remain above average for the third straight day. 
• For the first time in the last four trading sessions, the SPX has managed to avoid the final hour sell-off. 
• The possibility for a bear flag forming on the SPX yesterday has basically been nullified. 
• 1641 represents rising support of the trend-line off of the November 2012 lows – hold it at all costs. 
• VIX dropped down into the 15’s yesterday .
• I 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 BMRN at 69.37 for a 7.6% gain. 
• Sold WYNN at 141.48 for a 1.3% gain. 
• Added PDCE yesterday at 58.15. 
• Currently 70% long / 30% cash.  
• Current Longs: URS at 49.85, DE at 84.75, VIAB at 79.25, and YHOO at 27.15, BA at 104.52, SLB at 82.34. 
  
• 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: