Current Long Positions (stop-losses in parentheses): HD (37.16), DISCK (36.25), RAX (41.77), ENZN (10.86), AAPL May 350 Calls, ATML (13.88)

Current Short Positions (stop-losses in parentheses): None

BIAS: 40% Long

Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), Philadelphia Fed Survey (10am), FHFA House Price Index (10am), Leading Indicators (10am), EIA Natural Gas Report (10:30am)

My Observations and What to Expect:

  • Futures are up moderately ahead of the open.
  • Asian markets saw gains average about 0.8%, and Europe is currently trading between 0.2% and 0.7% higher.
  • Strong earnings report out of AAPL and GE is helping to propel this market higher today.
  • S&P is poised to open up just a shade below the 1340 level. A good jobless claims # could push it over that mark.
  • Close above 1340 and the much talked about double-top being formed is done and over with, and we’ll be seeing new highs in the short-term.
  • After 1340, minor resistance at recent highs of 1344, and major resistance at 1430. Between those two marks there is no other price resistance.
  • Volume was slightly less than the selling we saw on Monday, but much improved over what we saw the day prior. 
  • You could make the conclusion, that the downgrade by the S&P on Monday, ultimately led to the sell-off in the dollar, and is helping the markets today (along with the tech earnings of course).
  • Markets closed tomorrow for Good Friday. Enjoy the 3-day weekend. 
  • My conclusion: The health of the market resides with S&P 1340. Break it, and we’re moving higher.

Here Are The Actions I Will Be Taking:

 

  • Sold ENZN at $11.04 yesterday at a loss of 0.3% and sold HD at $37.94 for a 1.2% gain.
  • Added ATML to the portfolio at $13.85.
  • Tightened my stops in DISCK, RAX, and ATML for today.
  • Will look to off load my AAPL May 350 calls today at or near the open.
  • Depending on market conditions today, will determine whether I continue to hold on to my other existing positions.
  • Will look to add an additional 1-2 new positions today should the market climb and stay above 1340.
  • Follow me in the SharePlanner Chat-Room today for all my live trades and ideas (as well as everyone else’s).

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