Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (14.26), CVX (81.94), ELY (6.78), ITW (47.17), SSO (40.07), QQQQ (48.90), FRG (6.99), URS (37.82), TIE (19.52), BEAV (30.90), PAG (12.62)

Current Short Positions (stop-losses in parentheses): None

BIAS: 91% Long

Economic Reports Due Out (Times are EST): Columbus Day – No Reports, but market is still open.

My Observations and What to Expect:

  • Futures are trading slightly positive.
  • I would expect for the market to be relatively quiet today. 
  • European markets are up, Asian markets were mixed.
  • Friday was a confirmation day that the current trend had not topped out yet on the S&P.
  • NASDAQ is just about ready to pull out of the consolidated range. 
  • The trendline from 8/31 onward looks very solid.
  • Friday saw a test of the 1150 and held the important price level. 
  • Best case scenario for the bears today is to push the market back below 1150.
  • Best case scenario for the bulls today is to trade and close above 1173
  • Using Friday’s rally to tighten positions further.

Actions I Will Be Taking:

  • I am looking to close my remaining ELY position at the open. URS may also be on the chopping block by the end of day.
  • Won’t be adding any new positions to the mix.
  • Tightened my stop-losses in SSO, BEAV, URS. May also tighten my stop-losses in FRG and ITW.
  • I am not at all hedged in my portfolio right now.