Current Long Positions (stop-losses in parentheses): What are those? 🙂

Current Short Positions (stop-losses in parentheses): ESV (42.84), WTFC (37.15), SLAB (44.80), 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).