Current Long Positions (stop-losses in parentheses): SPY July 129 Calls, AAPL July 330 Calls, MHLD (7.04), KKD (8.65), GNVC (2.98)
Current Short Positions (stop-losses in parentheses): None
BIAS: 13% Long
Economic Reports Due Out (Times are EST): GDP (8:30am), Durable Goods Orders (8:30am), Corporate Profits (8:30am)
My Observations and What to Expect:
- Futures are mixed.
- Asia saw gains range from 0.9% up to 1.9%, while Europe is averaging about a 0.5% in gains.
- GDP is due out today, which will have a large affect on the overall market direction.
- Yesterday saw price on the S&P test the 200-day MA perfectly, and in a memorable fashion, rally 21 points off the lows to finish at the day’s highs.
- Rally came off of news of a deal being reached on a Greece bailout.
- The S&P managed to hold the 10-day moving average, but needs to reclaim the 20-day as well, which has acted as resistance for 2 of the last 3 sessions (1292).
