Current Long Positions (stop-losses in parentheses): TICC (8.51), EUO – UltraShort Euro (22.25)
Current Short Positions (stop-losses in parentheses): SPY (108.68), DGX (47.10), FCN (35.01), URBN (33.94), OMI (27.76), HSY (48.02), ADBE (29.78)
BIAS: 65% Short
Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), EIA Natural Gas Report (10:30am)
My Observations and What to Expect:
- Futures are slightly below break-even.
- Jobless Claims is what it is all about today. Will shape the market action.
- S&P 1040 is once again the battle ground. I don’t worry so much on one unsuccessful attempt at closing below it, but another failure today would become a concern.
- Even if we get a bounce today, I don’t see it pushing through 1070.
- Price unable to push back through 1056 yesterday.
- Potential for a major, end-of-week sell-off if the Jobs and GDP disappoints.
Actions I Will Be Taking:
