Current Long Positions (stop-losses in parentheses): TICC (8.51)

Current Short Positions (stop-losses in parentheses): SPY (113.30), DGX (50.09), FCN (36.75), URBN (34.91), OMI (29.31)

BIAS: 42% Short

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

My Observations and What to Expect:

  • Futures up moderately
  • After 4pm yesterday S&P futures dropped 5 points so expect the indices to be lower than what futures are indicating.
  • A lot of the major reports we have seen of late, initially see wild swings in price in both directions, but ultimately the price action settled back at “pre-report” levels.
  • Watch for whether the bulls can break 1,100 on the S&P and close above it. So far they are 0 for 2.
  • Next hurdle is 200-day moving average at 1,116.
  • Bears will try to push stocks below Monday’s low, followed by a run below 1056.

Actions I Will Be Taking:

  • Added URBN and OMI late in the day to the portfolio. Could add another 2 to 3 positions again today.
  • No clue on the gap – right now there is no gap to fade.
  • Jobs report will be a significant factor in my trading decision, particularly the gap-trade.
  • Will hedge the portfolio with a large QQQQ position if the market gets out of hand again.
  • Scalp where the opportunities exist.

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