Current Long Positions (stop-losses in parentheses): TICC (9.04), BRKR (12.95), CVX (76.89), DAL (11.05), ELY (6.39), ITW (44.45), SSO (38.03)

Current Short Positions (stop-losses in parentheses): LMT (76.35)

BIAS: 56% Long

Economic Reports Due Out (Times are EST): None

My Observations and What to Expect:

  • Futures are slightly positive
  • S&P will look to hold its gains, after Friday’s strong rally.
  • Friday’s rally after a 3-day pullback, confirmed that the breakout above 1130 on the S&P is legit. 
  • The next level of resistance for the bulls lies in the minor resistance at 1173. 
  • Bulls now have reclaimed the neckline of the confirmed inverse head and shoulders pattern. 
  • Bears should aim 1) To push the markets back below 1130, and 2) Put in a lower-low, by breaking below 1122. 
  • Thursday could set up to be a wild day with GDP and Jobless Claims due. 
  • With no major news due out today, it could be rather quiet. 
  • Last week before quarter-end. 

Actions I Will Be Taking:

  • I’ll look to add more positions to the portfolio today. 
  • Bought CVX @ 80.03
  • Bought DAL @ 11.69
  • Bought ELY @ 6.78
  • Bought ITW @ 47.14
  • Bought SSO @ 39.60
  • I will not hesitate to add a hedge position if this market wants to sell-off today. 
  • Any gap up/down this morning should represent a good fading opportunity.