Current Long Positions (stop-losses in parentheses): TICC (8.51)
Current Short Positions (stop-losses in parentheses): DGX (45.95), FCN (35.01), OMI (27.76), ADBE (29.78), HK (16.56), CERN (79.28)
BIAS: 33% Short
Economic Reports Due Out (Times are EST): Employment Situation (8:30am), ISM Non-Manufacturing Index (10am)
My Observations and What to Expect:
- Futures are slightly positive
- 1080 will act as support for the bulls, with resistance at 1100 (a break would represent a higher-high) and at 1107, the latter of which represents the upper line of the major downward channel. If we break through this, it could allow for the markets to breakout even higher.
- 1130 is max pain for the bears.
- Very interesting inverse head and shoulders pattern forming on the weekly charts. Will post about this later today.
- GDP will dictate market action today. Be ready for a huge price swing in either direction.
Actions I Will Be Taking:
