Current Long Positions (stop-losses in parentheses): TICC (9.04)
Current Short Positions (stop-losses in parentheses): None
BIAS: 3% Long
Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), FHFA House Price Index (10am), EIA Petroleum Status Report (10:30am)
My Observations and What to Expect:
- Futures are moderately lower.
- Today will be used for the market to further digest the Fed’s comments in yesterday’s FOMC statement.
- Yesterday snapped a 9-day winning streak for the Nasdaq.
- I’d like to see a pullback to at least 1100-1115 on the S&P.
- Finally starting to work off some of those overbought conditions.
- Yesterday’s volume was much higher than usual, but mainly in part due to the Fed announcement.
- Monday’s 1130 breakthrough, pretty much ruined the bear’s chances of a breakdown before the end of the year.
- The bears need to target a break of 1113, it’s not much but it would be a start. A break of 1100 would have the bulls nervous.
Actions I Will Be Taking:
