Current Long Positions (stop-losses in parentheses): TICC (9.62), DTV (42.34), EOG (97.52), ESRX (46.42), AAPL (306.75), GLD (121.25)
Current Short Positions (stop-losses in parentheses): SDS (28.55)
BIAS: 46% Long
Economic Reports Due Out (Times are EST): Existing Home Sales (10am)
My Observations and What to Expect:
- Futures are showing considerable strength.
- Asian markets are mixed and European markets are marked with solid gains.
- 10-day moving average continues to provide support for the S&P.
- Strong possibility we see a breakout to new short-term highs today. Indicative that the current trend is likely to continue.
- Strong open will provide a great opportunity to tighten up stop-losses substantially.
- Very little resistance standing in the way between current price levels and April highs.
- Outside chance today that we challenge the 1200 mark on the S&P.
- The main goal of bears should be to simply keep this market rally in check today and erase the day’s gains – we saw as much happen last week (Thursday).
Actions I Will Be Taking:
- Added a new position to the portfolio – GLD.
- Could add some very short-term positions today. 1-3 day holding period.
- A breakt of Thursday’s highs could be a good opportunity to go long in the market for some quick gains.
- Tightened the stop-loss on AAPL
- Not hedged heading into the open.
