Current Long Positions (stop-losses in parentheses): TICC (10.28), HRS (45.34), CEL (34.17), RAH (60.75), MENT (10.73)
Current Short Positions (stop-losses in parentheses): TFSL (8.23), ADBE (28.55), DTV (42.49), EQR (51.15), VPRT (42.37), TIE (17.84)
BIAS: 9% Short
Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Durable Goods Orders (8:30am), Personal Income and Outlays (8:30am), Jobless Claims (8:30am), Consumer Sentiment (9:55am), New Home Sales (10am), FHFA House Price Index, EIA Petroleum Status Report (10:30am), EIA Natural Gas Report (12pm)
My Observations and What to Expect:
- Futures are slightly up, with a slew of economic reports coming out later in the morning.
- Asian markets are mixed, while European markets are showing some positive gains.
- A large number of reports due out this morning between 8:30am and 10am, will add a large amount of volatility to the markets today.
- Low volume the day before Thanksgiving, could potentially add some wild swings to the market.
- 1173 must be the focus of traders today, as a break of the price level would create a new lower-low and then nullify the uptrend the market has been in since 8/31.
- Conflict between N. & S. Korea is adding a very unpredictable variable to the global markets.
- For the time being, 1200 on the S&P is a distant memory, or at least for now. The goal for now should be to break yesterday’s highs in the market.
- Volume was abnormally high yesterday for Thanksgiving week, adding to the strength of yesterday’s sell-off.
Here Are The Actions I Will Be Taking:
