Current Long Positions (stop-losses in parentheses): XLF (14.02), V (68.99), INTC (19.75), ENZN (10.15), QQQQ (44.38)

Current Short Positions (stop-losses in parentheses): None

BIAS: 65% Long

Economic Reports Due Out (Times are EST): None

My Observations and What to Expect:

  • Futures up moderately. 
  • No major economic news today.
  • Fed meets tomorrow – expect light trading ahead of FOMC Statement.
  • Prime opportunity today after Friday test of trend-line and 200-day moving average to finally push through the June highs (right shoulder).
  • Should that happen, expect a breakout as stop-losses get triggered.
  • Friday was an intraday example of the Bear’s attitude from this past year. Everything looks promising – but never any follow-through. Never legitimate.
  • Without any major news, the morning gap-up looks very fade-able.
  • Fed Statement will create lots of volatility in the markets.

Actions I Will Be Taking:

 

  • Stop-Losses remain as it.
  • Added ENZN at 10.75 and QQQQ at 46.80 to the portfolio.
  • Strong possibility I fade the morning’s gap up with futures as they are right now.
  • Keep scalp trades to a minimum .
  • Comfortable with portfolio commitment as it is now.
  • I don’t expect to add any positions today.

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