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.