Current Long Positions (stop-losses in parentheses): QQQQ (42.27)
Current Short Positions (stop-losses in parentheses): ESV (42.84), MR (33.39), SPY (109.91)
BIAS: Neutral
Economic Reports Due Out (Times are EST): ISM Non-Manufacturing Index (10am)
What to Expect:
- Market has been signaling a desire to bounce since this past Thursday
- While the market won’t ignore bad news, it won’t ignore the good news either (at least today it won’t) – a positive ISM report could easily drive this market much higher today.
- Watch intraday indices for major break in the upward trend for clues to a possible intraday reversal or profit taking.
- Big gap up this morning will be a huge bear target going forward – watch out if the gap starts getting filled.
Actions I Will Be Taking:
- Will leave ESV, MR, and SPY along today – my only three remaining short positions left in the portfolio.
- Main concern today, is how long do I stay in the QQQQ – an intraday gap fill attempt will likely cause me to sell.
- Looking for when it will be “safe for me to play”, in order that I can sell my QQQQ positon, and make money again to the downside.
- Won’t be looking to add any new short positions to the portfolio right now – heavily oversold and need to work those conditions off some.
***Be on the look out for some future improvements to the website, including some new videos that I will be doing, trading education series, some tools of the trade of mine, and also dissecting some past trades that I have done as well.***
