Current Long Positions (stop-losses in parentheses): TICC (10.28), RAH (60.75), EQY (16.75), PH (78.95), GIL (30.11), HK (17.63)
Current Short Positions (stop-losses in parentheses): DTV (42.55), EQR (51.15), VPRT (42.37), TIE (17.84), ITT (48.01) GLAD (11.54), FCN (36.74), SNIC (10.40), V (77.61)
BIAS: 7% Short
Economic Reports Due Out (Times are EST): Monster Employment Index (6am), Jobless Claims (8:30am), Pending Home Sales Index (10am), EIA Natural Gas Report (10:30am)
My Observations and What to Expect:
- Futures are up moderately ahead of the bell.
- Asian markets were up, and European markets are showing continued strength.
- The 1200 level on the S&P was broken decisively yesterday on average volume.
- As stated yesterday, the break of 1200 was a game-changer for the bulls, and eerily similar to what we saw back on 9/1. I wouldn’t at all be surprised if we see an extended rally going forward, much like what we saw back in Sept/Oct time frame.
- Continuation is key for the bulls today. Add another few points to yesterday’s gains, and you will likely see a lot more bears cover their short positions. As it stands right now, there are probably a lot bears still hoping that the bulls cannot hold the gains from yesterday. I see this being very unlikely in happening.
- Dips will be bought – the momentum has completely shifted in the bulls favor as the S&P broke out of the descending triangle.
- Support for this market will be at 1200 – the breakout point for the S&P.
- Resistance will be at the November highs. A break there, could see S&P rally as high as 1260’s and potentially into low 1300’s eventually (best case scenario).
- Be very careful of getting overly bearish on this market, this rally could last for a while.
- Bears main goal is to push the market back below 1200 today, and force the bulls to do battle with that critical price level again.
Here Are The Actions I Will Be Taking:
- Will add two new positions to the portfolio (1 long, 1 short).
- Stop-Loss changed in GIL, will do the same with PH should the market continue to rally today.
- Stopped out of TIE, SNIC and GLAD all at my original stop-loss.
- Added HK (Long) and V (Short) to the portfolio yesterday, near the close.
- May prematurely close out EQR today, and also replace RAH with a better/more promising stock.
- Despite being 7% short, it will take very little for the market to flip my portfolio into a bullish one, since most of my short positions are near their stop-losses.
- Follow me in the SharePlanner Chat-Room today for all my live trades and ideas.

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