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