Current Long Positions (stop-losses in parentheses): TICC (9.62), DTV (42.20), EOG (97.52), ESRX (46.42), AAPL (305.59), SHLD (72.95)
Current Short Positions (stop-losses in parentheses): SDS (29.31)
BIAS: 61% Long
Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), Leading Indicators (10am), Philadelphia Fed Survey (10am), EIA Natural Gas Report (10:30am),
My Observations and What to Expect:
- Futures are trying to follow through on yesterday’s gains. Could potentially gap above Monday’s rally highs.
- Asian markets were flat/mixed, while European markets once again are rallying across the board.
- The bulls almost managed to close above Tuesday’s highs. Any follow through today, would take care of what is remaining.
- Tried to fill the Tuesday gap, but only partially filled it in intraday action.
- Tuesday can now be considered a higher-low in the ongoing trend off of the August lows.
- NFLX and EBAY both had positive earnings reports that was well received by the Street. Both are set to open significantly higher today.
- Bears need to push the markets below 1166 on the S&P (yesterday’s lows) and then 1159 (Tuesday’s lows).
- New highs are in reach for the bulls, and should aim to break above 1184. Do that and Tuesday becomes a distant memory.
- Today’s focus will once again be earnings. Little in the way of economic reports to move the market.
- Jobless Claims will affect the markets, but the focus is clearly on earnings. So far earnings season has been excellent for stocks on the S&P 500. But only 101 companies have reported – more to come this morning.
- AT&T (T), Catepillar (CAT), Credit Suisse (CS), Eli Lilly (LLY), McDonalds (MCD), UPS (UPS) are some of the more notable earnings reports coming out this morning.
Actions I Will Be Taking:
