Current Long Positions (stop-losses in parentheses): SPY July 129 Calls, AAPL July 330 Calls, MHLD (7.04), KKD (8.65), AGYS (7.77), IDIX (5.06), NYT (7.98), RIGL (8.24)
Current Short Positions (stop-losses in parentheses): None
BIAS: 23% Long
Economic Reports Due Out (Times are EST): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), S&P Case-Shiller HPI (9am), Consumer Confidence (10am), State Street Investor Confidence (10am)
My Observations and What to Expect:
- Futures are slightly lower heading into the open.
- Asia finished as much as 0.7% higher, while Europe is mixed/flat in their trading.
- Strong contrarian move to start the week, in which most Monday’s of late have had a very bearish tone to them.
- The S&P managed t close back above the 10-day moving average, but still below the 20-day. Look to see whether we get that additional 1-2 day pop higher, with us having broken the 10-day MA again, and whether that move can push us through the 20-day as well. To-date, we have been unable to close above the 20-day MA. The last five trading sessions (6/21-6/27) have been nearly identical to the market action that we saw on 3/11 through 3/17, in which the market bottomed. Here’s the chart showing the similarities.
