Futures, like yesterday are rocking, with the S&P and Nasdaq each seeing gains in excess of 2% heading into the open. Whether those gains can be held throughout the day is any one’s guess. A lot of folks thought that after yesterday’s afternoon sell-off that the bulls would be demoralized, throw their hands in the air and quit. But this morning they are showing, at least for the time being, that this is definitely not the case. I’ll probably use the day to find some opportunities to scalp either the S&P or Nasdaq ETF’s.

At 8:30am ET, you have the weekly jobless claims number, but even more important is the GDP number that will be coming out as well. At 10:30am you have the EIA Natural Gas report too.

I’m still looking for the market to rally another 4-6% before I start heavily reloading my short positions, and as it stands now I will continue to be in cash at the end of each trading session.

Here’s Today’s Trade Setups…

LONG: iPath DJ Natural Gas (GAZ)

Here’s Ryan’s Short Setup.

SHORT: Plains All American Pipel (PAA)

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