Current Long Positions (stop-losses in parentheses): XLF (14.02), V (68.99), ENZN (10.15), TICC (8.42)

Current Short Positions (stop-losses in parentheses): SPY (113.30), DGX (50.09)

BIAS: 37% Short

Economic Reports Due Out (Times are EST): Empire State Manufacturing Survey (8:30am), Treasury International Capital (9am), Housing Market Index (10am)

My Observations and What to Expect:

  • Futures have been all over the place throughout the night. Currently they are down moderately.
  • Housing Market Index will be the biggest report due out today.
  • The NYSE Reversal Indicator lines up well with the S&P 1130 rejection point, indicating more downside is in the cards.
  • With that said, I’m not surprised by anything this market does at this point. It has been all over the map this year.
  • No major news reports this week (i.e. Fed, Employment or GDP).
  • Some indicators put the market already in oversold territory already. Three down days though is a bit premature to be saying as much.
  • Next three significant support levels to watch on the S&P are 1056, 1040, and 1010.

Actions I Will Be Taking:

  • Stop-Losses remain as it.
  • TICC remains the lone long position in the portfolio.
  • SPY currently my largest position in the portfolio by far.
  • Will look to add 1 new short position to the portfolio today.
  • Scalp where/if the opportunity exists using index ETF’s. 
  • Market opening gap appears fade-able

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