Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (14.54), ITW (48.03), QQQQ (50.62), TIE (19.73), BEAV (31.75), PAG (13.62), DTV (41.99), ACI (25.54), EOG (97.52)
Current Short Positions (stop-losses in parentheses): None
BIAS: 83% Long
Economic Reports Due Out (Times are EST): Treasury International Capital (9am), Industrial Production (9:15am), Housing Market Index (10am)
My Observations and What to Expect:
- Futures are moderately negative. Have rallied quite a bit though off of the morning lows.
- Apple (AAPL), Citigroup (C), Halliburton (HAL), IBM (IBM) all report earnings today.
- AAPL will single handedly take this market down if they miss today.
- Last three trading sessions have seen solid levels of volume pouring in.
- Market is quickly nearing its April highs.
- QE2 remains the market focus in the near-term.
- S&P continues to ride the 10-day moving average.
- Lots of reports due out this morning – CPI and Consumer Sentiment will be in focus.
- Bears should make a break below Friday’s lows their main objective for today – (1166).
- Dip buying crept back in the last hour of trading yesterday.
Actions I Will Be Taking:
- Closed out my position in BEAV on Friday at $31.95
- Added EOG early on in the trading session at $100.50.
- Not hedged at all heading into the open.
- Stop-loss changes made in ITW, QQQQ, TIE, DTV.
- Could add an additional position to the portfolio under the right circumstances.
- I’ve become much tighter/aggressive with the stop-losses, and more willing to take profits once there is any hesitation in the stock itself.
- Will continue to tighten stop-losses as much as possible.
