Current Short Positions (stop-losses in parentheses): TFSL (8.30), ADBE (30.10)
BIAS: 2% Short
Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Consumer Price Index (8:30am), Housing Starts (8:30am), EIA Petroleum Status (10:30am)
My Observations and What to Expect:
- Futures are seeing moderate strength this morning after yesterday’s huge sell-off.
- Asian markets were mixed, and European markets are trading just the same.
- S&P gapped below the 20-day moving average and closed underneath it as well.
- Very close to putting int a “lower-low” in this market.
- 50-day moving average could offer some support, should it drop that far.
- Yesterday’s closing brought us back to the October consolidation zone.
- We’ll have POMO every day this week. The full schedule can be found here.
- So far QE2 has been a “sell-the-news” event.
- Yesterday’s volume was very strong, which supported the price move.
- Main goal for the bulls today will be to keep the markets from seeing any follow through.
- Follow through is key for the bears, as so many times this year, it has failed to do so.
Actions I Will Be Taking:
- Will look to add 1-2 new positions to the portfolio today (a long and short position) – with today being a travel day, that could be hampered.
- Closed my positions prematurely yesterday in GS, KR and BIDU.
- Stopped out of my positions in MCD and HTZ.
- Tightened the stop-loss in TFSL.
- Follow me in the SharePlanner Chat-Room today for all my live trades and ideas.
