Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (13.92), CVX (80.67), DAL (11.12), ELY (6.78), ITW (46.40), SSO (38.70), QQQQ (48.19), FRG (6.99), URS (37.12), TIE (19.52), BEAV (29.54)

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

BIAS: 76% Long

Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), EIA Natural Gas Report (10:30am), Consumer Credit (3pm)

My Observations and What to Expect:

  • Futures are slightly positive (again)
  • Jobless Claims could have a big impact to the system, though often times of late, we get big swings initially, but ultimately wind up where we were to begin with.
  • I count it positive that the bulls managed to hold on to Tuesday’s large gains. 
  • Nasdaq was a lag on the market, due to some big sell-offs like EQIX, NFLX, CRM, and BIDU – the latter three of which saw parabolic increases in their share prices this year. 
  • Tech leaders like Apple (AAPL) and Microsoft (MSFT) both saw increases yesterday, which helps to alleviate my concern in the Nasdaq yesterday. 
  • It is important for the bulls to continue holding the 1150 level on the S&P and ultimately advance well beyond 1160 level. 
  • Asian and European markets are flat.
  • The S&P has bounced nicely off of its Monday pullback (higher-low) 
  • The main objective for the bears is two fold – 1) Close below yesterday’s lows, and 2) Ultimately close below Tuesday’s lows. 
  • There is a minor resistance level at 1174, which is the only real road block between it and testing the April highs.
  • While the S&P has broken out of consolidation, the Nasdaq is still stuck in it. 

Actions I Will Be Taking:

  • Added one new position to the portfolio yesterday – BEAV at $31.71
  • I am keeping my stops where they currently are. 
  • May consider adding more long  positions – though small in size – to the portfolio. 
  • I am not at all hedged in my portfolio right now.