Current Long Positions (stop-losses in parentheses): TICC (8.51)

Current Short Positions (stop-losses in parentheses): DGX (45.95), FCN (35.01), OMI (27.76), ADBE (29.78), HK (16.56), CERN (79.28)

BIAS: 33% Short

Economic Reports Due Out (Times are EST): Employment Situation (8:30am), ISM Non-Manufacturing Index (10am)

My Observations and What to Expect:

  • Futures are slightly positive
  • 1080 will act as support for the bulls, with resistance at 1100 (a break would represent a higher-high) and at 1107, the latter of which represents the upper line of the major downward channel. If we break through this, it could allow for the markets to breakout even higher.
  • 1130 is max pain for the bears.
  • Very interesting inverse head and shoulders pattern forming on the weekly charts. Will post about this later today.
  • GDP will dictate market action today. Be ready for a huge price swing in either direction.

Actions I Will Be Taking:

  • Should GDP bolster prices, I will cover my remaining short positions and go cash, until there is a more favorable entry on either side of the trade.
  • Will likely stay away from the gap-trade today considering the news at play.
  • Should GDP lead to a market sell-off, I will look to add more short positions to the portfolio.

 

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