Current Long Positions (stop-losses in parentheses): XLF (13.90), V (68.99)
Current Short Positions (stop-losses in parentheses): None
BIAS: 20% Long
Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Challenger Job-Cut Report (7:30am), ADP Employment Report (8:15am), Treasury Refunding Announcement (9am), ISM Non-Manufacturing Index (10am), EIA Petroleum Status (10:30am)
My Observations and What to Expect:
- Futures are down slightly, once again.
- Upside momentum seems to come and go in spurts.
- Bulls are on the leg of the rally that will likely test the 1130 zone on the S&P, which can happen any day now.
- S&P tried to push below 200 yesterday. Bears failed which is a positive for the market.
- My best guess right now (and it isn’t always worth that much), that we rally into mid-terms and eventually challenge the April highs. Seems crazy to even think that is possible at this point.
- Morning gap is looks very fade-able at the moment.
Actions I Will Be Taking:
- Start focusing more on swing trades and less on scalping.
- Past couple of weeks yielded little from scalping, and my main forte is swing-trading and I want to spend a lot of time searching out new setups.
- Will continue to fade the open where the opportunity exists.
- May add another 2 or so positions to the portfolio. Enough to make me 40% long.
