Current Long Positions (stop-losses in parentheses): SPY July 130 Calls, AAPL July 330 Calls, MHLD (7.04), KKD (8.65), GNVC (2.98)
Current Short Positions (stop-losses in parentheses): None
BIAS: 16% Long
Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), Chicago Fed National Activity Index (8:30am), Bloomberg Consumer Comfort Index (9:45am), New Home Sales (10am), EIA Natural Gas Report (10:30am)
My Observations and What to Expect:
- Futures are down hard going into the open – looking at 1% gap down.
- Asia was down about 0.4%, while Europe is down on average about 1.5%
- Once again, Ben Bernanke opened his mouth, and stocks went through the floor, with today doing more of the same.
- We found resistance once again at the 20-day moving average on the S&P.
- We are also prime to open below the 10-day moving average as well.
- With the weakness we are experiencing in the pre-market, we could see a challenge of the 200-day MA today at 1262.
