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.
