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

Current Short Positions (stop-losses in parentheses): SPY (113.30), DGX (50.09), FCN (36.75), URBN (34.91), OMI (29.31), HSY (49.93)

BIAS: 0% Neutral (52% Short w/o QQQQ)

Economic Reports Due Out (Times are EST): No reports due out.

My Observations and What to Expect:

  • Futures are up moderately.
  • Looks like another Monday morning ramp job. They are becoming quite popular these days. Six out of the last six Mondays have finished in positive territory. Going for 7-for-7 today.
  • I expect the 50-day moving average at 1089 on the S&P to act as resistance today.
  • Any potential rally today will likely fall short of breaking the 50-day moving average. If they do break it, then 1092 will serve as the next level of resistance (Thursday’s Highs).
  • Nice short-term downward trend-line connecting lows of 7/30, 8/16 & 8/20
  • Last Monday’s lows were broken on an intraday basis, but still needs to close below them.

Actions I Will Be Taking:

  • Nicely hedged going into the opening bell. Will likely sell the QQQQ hedge position at the open to avoid the potential gap fill. 
  • The potential exists for 1-2 new positions added to the portfolio.
  • Gap seems fade-able this morning.
  • Scalp the market on a limited basis.
  • Will focus more on swing-trade short setups instead.

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