Current Long Positions (stop-losses in parentheses): TICC (8.82)
Current Short Positions (stop-losses in parentheses): SPY (113.30), DELL (13.26), URBN (36.60)
BIAS: 36% Short
Economic Reports Due Out (Times are EST): Producer Price Index (8:30am), Jobless Claims (8:30am), Current Account (8:30am), Treasury International Capital (9am), Tim Geithner (10am), Philadelphia Fed Survey (10am), EIA Natural Gas Report (10:30am),
My Observations and What to Expect:
- Futures are slightly down.
- High probability that we find out whether this market can break through the 1130 level on the S&P today.
- A good jobs report, would likely push us through the mark.
- A bad jobs report could be the perfect catalyst for a reversal up against 1130 resistance and a well-overbought market.
- Bear target would be for a close below 1113, which would push us below the week’s lows as well as the 200-day moving average.
- Volume still has not been over impressive to-date. Not a lot of enthusiasm in this rally.
Actions I Will Be Taking:
