Pre-market update:

• Asian markets traded 0.2% lower.
• European markets are trading 0.1% lower.
  
• US futures are trading flat ahead of the market open. 
  

Economic reports due out (all times are eastern): MBA Purchase Applications (7), EIA Petroleum Status Report (10:30)

Technical Outlook (SPX):

• SPX rose for the 10th time in the past 13 sessions. 
• First time ever for SPX to close above 2000. 
• Hitting the 2000 mark on SPX has spurred on lots of discussion about whether stocks are in a major bubble here….of course they are!
• SPX 30-minute chart is showing some distribution, and the potential for a head and shoulders pattern. 
• Regardless, the uptrend remains firmly intact. While a pullback is probably necessary here, you have to wait for it to happen, not front run it. 
• VIX continues its sell-off going back down to 11.63 yesterday. 
• Volume continues to rapidly drop off this week. 
• The five-day moving average represents a perfect trajectory of the market’s direction at the moment. 
• A lot of nontraditional traders are starting to get interested in this stock market which usually starts to show that there is too much “froth” in the market. 
• Continue to tighten stops and take profits where you can on positions ensuring that you don’t get caught with your pants down if the market suddenly sells-off. 
• 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:

• Closed out ESRX yesterday at 74.83 for a 5.4% gain. 
• Closed out NFLX at 476.28 for a 4.8% gain. 
• Closed out ETFC at 22.59 for a 3.8% gain. 
• Added one new position to the portfolio yesterday. 
• Remain long AAPL at 95.56, CTXS at 69.96, STT at 70.99.
• Will look to add 1 new long position today and also look to close out positions that are extended to the long side. 
• 40% Long / 60% Cash
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: