Current Long Positions (stop-losses in parentheses): XLF (14.02), V (68.99), ENZN (10.15), QQQQ (44.79), CSR (5.24), TICC (8.42)
Current Short Positions (stop-losses in parentheses): SPY (Hedge)
BIAS: 3% Long
Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), Import and Export Prices (8:30am), EIA Natural Gas Report (10:30am)
My Observations and What to Expect:
- Futures slightly negative
- Since the early evening sell-off yesterday, futures have been working its way back to positive territory.
- Jobless Claims out at 8:30am will add additional volatility to the markets.
- Breaking thru 1130 mark no longer in focus. Now it is whether the bulls can hold 1080 on the S&P. Level has already been breached in futures trading.
- Small gap to fade currently. Jobs # could change that.
- Bulls could really show some muscle today if they pulled off a big rally in response to yesterday’s sell-off.
- July trend-line is broken, but no new lower-low created. However, we move one point lower, and that will be broken as well today.
Actions I Will Be Taking:
- Stop-Losses remain as it.
- TICC added to the portfolio yesterday.
- Hedged my portfolio yesterday with a large short position in SPY. Also added TICC (1/3 of a position) to the portfolio.
- Look to potentially fade morning gap.
- Will look to get rid of my hedge in SPY early on if the market acts like it could bounce.
- Hesitant to add more long positions at this point. If I do, I will likely let today play out first.
- Scalp where the opportunity exists.
