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.

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