Current Long Positions (stop-losses in parentheses): What are those? 🙂
Current Short Positions (stop-losses in parentheses): ESV (42.84),
, SLAB (44.80), WTFC (37.15) ALB (43.59), HIBB (26.65), WRC (40.95), QQQQ (45.83), NSIT (14.79), AA (11.43), DLLR (19.84), HSIC (55.46)
BIAS: 90% Short
Economic Reports Due Out (Times are EST): Absolutely Nothing!
My Observations and What to Expect:
- Despite yesterday’s mega rally, there is still no major change occurring yet to void the bearish argument
- No economic news to influence the market today
- Futures trading with a moderate upside bias.
- European debt issues seems to be fading away, in terms of being news-worthy events.
- Price has closed right on the April downward trend line, which is the bear’s 1st line of defense.
- 2nd line of defense are the previous highs on the S&P at 1099. A close at 1100 would be really bad for the bears.
- The market this week is finding reason for rallying on bad news – selling on good news.
- Seesaw action is about to drive me mad! Give me a freakin’ trend – ANY TREND!
- Amazon (AMZN) and SanDisk earnings reports were not well received by the market in after hours trading yesterday – especially Amazon.
Actions I Will Be Taking:
- May add 1 to 2 additional short positions if market shows signs of falling back.
- A close above April trend line would be of major concern for me, but won’t cover positions.
- Break/close above 1100 would cause me to cover and go cash.
- Added 3 more short positions at the close yesterday (AA, AMZN, and HSIC).