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: 91% Long
Economic Reports Due Out (Times are EST): Employment Situation (8:30am), Wholesale Trade (10am)
My Observations and What to Expect:
- Futures are moderately negative
- Employment numbers will paint the picture for the market today.
- Bulls managed to hold the previous day’s lows in trading yesterday.
- Price maintained support above the long-term downward trend-line.
- Best case scenario for the bears today is to gap below yesterday’s lows and move below 1140 or Tuesday’s lows.
- Best case scenario for the bulls today is to gap above the 1063 level and ultimately push through the 1173 level.
- Somewhere in between the two scenarios would be cause to tighten my stop-losses even further.
- Asian markets mixed, European markets are feeling some selling pressures.
- Aloca (AA) reported positive earnings to jump-start Q3 reporting.
Actions I Will Be Taking:
- Closed out my position in Delta Airlines (DAL) at 11.71 (bought originally at 11.68) for a very small profit. The position never materialized into anything significant.
- I am keeping my stops where they currently are, but will tighten them, depending on the economic report. A large gap down this morning, could lead me to close my positions out.
- Added PAG at 13.34 yesterday.
- I am not at all hedged in my portfolio right now.
