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.