Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (14.26), CVX (81.94), ELY (6.78), ITW (47.17), SSO (40.07), QQQQ (48.90), FRG (6.99), URS (37.82), TIE (19.52), BEAV (30.90), PAG (12.62)
Current Short Positions (stop-losses in parentheses): None
BIAS: 91% Long
Economic Reports Due Out (Times are EST): Columbus Day – No Reports, but market is still open.
My Observations and What to Expect:
- Futures are trading slightly positive.
- I would expect for the market to be relatively quiet today.
- European markets are up, Asian markets were mixed.
- Friday was a confirmation day that the current trend had not topped out yet on the S&P.
- NASDAQ is just about ready to pull out of the consolidated range.
- The trendline from 8/31 onward looks very solid.
- Friday saw a test of the 1150 and held the important price level.
- Best case scenario for the bears today is to push the market back below 1150.
- Best case scenario for the bulls today is to trade and close above 1173
- Using Friday’s rally to tighten positions further.
Actions I Will Be Taking:
