Pre-market update:

• Asian markets traded flat.
• European markets are trading 3.4% higher.
  
• US futures are trading 0.1% higher ahead of the market open. 
  

Economic reports due out (all times are eastern): None. 

Technical Outlook (SPX):

• SPX pushed slightly higher on Friday to close at new all-time highs. 
• Expect volume this week to relatively light with tomorrow being Veteran’s day. Stock market is still open though. 
• On the 30-minute SPX chart, there is the possibility for additional consolidation in the days ahead. 
• Expect a slow news week. Very little in the way of game-changing news scheduled. 
• The best way to follow this market continues to be the 5-day moving average. The market remains unquestionably bullish until it can close below this important short-term MA. 
• VIX continues its free fall, shedding another 4% to close at 13.12. 
• Still there are plenty of long setups to be had in this market. Short setups are out there too, but very difficult to find. 
• Whether the rally continues for the foreseeable future or not, one thing remains, and that is it cannot continue for much longer, to rally at the gravity defying slope it has done for over three weeks now. 
• As a result, consolidation will have to kick in, in order that the trend-line may flatten out some. 
• Historically trend-lines that are steeper/greater than 45 degrees are nearly impossible to maintain over an extended period of time. 
• Volume remains at average to a bit light of late. 
• Still a very much “Buy-the-Dip” market. 
• One of the concerns for me in this rally off of the 10/15 lows is the lack of any higher-low – it has been ‘straight-up’ the entire time. 
• The market doesn’t care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up. 

My Trades:

• Added one additional long position yesterday. 
• Closed out XLNX at 43.49 for a 1.1% loss. 
• I continue to leave all the strong positions in the portfolio while weeding out the weaker ones, and replacing them with far better trade setups. 
• Will consider adding 1-2 new long positions today.
• Remain long INFY at 62.56, MS at 34.40, LUV at 11.3, PHM at 19.35, CAR at $56.57, HUN at 24.73.
• 70% long / 30% cash. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: