Current Long Positions (stop-losses in parentheses): TICC (8.51), EUO – UltraShort Euro (22.25)

Current Short Positions (stop-losses in parentheses): SPY (108.68), DGX (47.10), FCN (35.01), URBN (33.94), OMI (27.76), HSY (48.02), ADBE (29.78)

BIAS: 65% Short

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

My Observations and What to Expect:

  • Futures are slightly below break-even. 
  • Jobless Claims is what it is all about today. Will shape the market action.
  • S&P 1040 is once again the battle ground. I don’t worry so much on one unsuccessful attempt at closing below it, but another failure today would become a concern. 
  • Even if we get a bounce today, I don’t see it pushing through 1070.
  • Price unable to push back through 1056 yesterday.
  • Potential for a major, end-of-week sell-off if the Jobs and GDP disappoints.

Actions I Will Be Taking:

  • No hedge position this morning.
  • No new swing-trades today, unless there is a significant market bounce.
  • If Jobs gives to a market rally, I will hedge the portfolio.
  • Stops remain the same going into the open.
  • Will scalp with Ultra ETF’s as the opportunity presents itself.
  • Sell-off will result in me taking profits off the table.

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