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:
